Chargemaster to tap into electric car boom with £170m float

by BPVA on 04 January 2018

Chargemaster to tap into electric car boom with £170m float

The UK’s biggest network of electric vehicle charging-points is targeting a June float valuing it at £170m, Sky News learns.

Britain's biggest provider of infrastructure to the electric vehicle market is plotting a £170m bid to charge on to the London Stock Exchange (LSE).

Sky News has learnt that Chargemaster, which was founded a decade ago and claims to have a 50% share of the fast-growing sector, is targeting a flotation in June.

The company has appointed Cenkos Securities, the stockbroker, to oversee the initial public offering (IPO), from which it wants to raise £50m by selling new shares to investors.

Sources close to Chargemaster's plans said it was seeking a pre-fundraising valuation of £120m, meaning that it would be worth £170m at the point of its flotation.

The company, which is privately owned, has partnerships with car manufacturers including BMW, Jaguar Land Rover (JLR), Nissan, Renault and Tesla, the electric vehicle group founded by technology billionaire Elon Musk.

In total, Chargemaster has installed more than 6,500 public charging points across the country and boasts 40,000 users - a figure that it wants to increase tenfold within four years.