The company running Britain’s largest network of electric vehicles chargers is planning to float on the London Stock Exchange over the summer, Sky News has reported.
Chargemaster owns and operates the Polar network of more than 6,000 public charging points and also supplies chargers to households and businesses.
The firm has reportedly appointed the stockbroker Cenkos Securities to oversee an initial public offering in June which will aim to raise £50 million from investors. Sources with knowledge of the plans told Sky News the flotation will value the business at £170 million.
Chargemaster was launched in 2008 by David Martell who previously created and then floated the satnav company Trafficmaster. It has so far designed, built and installed more than 50,000 chargers for customers in the UK and the rest of Europe.
The firm has formed partnerships with numerous car manufacturers, including Tesla, BMW, Jaguar Land Rover, Nissan and Renault. It counts among its customers the supermarkets Asda, Tesco and Waitrose as well as more than 50 local authorities.
In its most recent annual accounts, Chargemaster reported a gross profit of £3.5 million for 2016 on revenues of £11.9 million. Sources quoted by Sky News said the company is aiming to grow its revenues to £146 million by 2021, generating earnings before interest, tax, depreciation and amortisation in excess of £37 million.
A spokesman for the firm declined to comment on the reports.