By Ian Walker

Pod Point Group Holdings PLC on Thursday priced its initial public offering at 225 pence a share, implying a market capitalization of 352 million pounds ($481.7 million) as conditional trading started on the London Stock Exchange.

The U.K. electric-vehicle-charger provider, which is majority owned by Electricite de France SA, has raised GBP100 million as part of its IPO.

Shares at 0928 GMT were down 11 pence, or 4.9%, at 214 pence having fallen to a low of 210 pence earlier in the session.

Unconditional trading is expected to start on Nov. 9.

"I founded Pod Point in 2009 with a mission to make travel which doesn't damage the earth...I have no doubt that Pod Point will play a major part in the U.K.'s transition to electric vehicles," Chief Executive Erik Fairbairn said.

The company has previously said that it will have a free float of at least 25%.

EDF is expected to retain a stake of more than 50% after admission and will continue to support the company's growth through co-operating with its U.K. customer base and providing access to its energy value chain capabilities, the company said last month when it confirmed its IPO plan.

It also said at the time that Legal & General Capital Investments Ltd. will remain a minority shareholder and continue to work with Pod Point.

Barclays Bank PLC and Bank of America Securities are joint global co-ordinators, and joint bookrunners together with Numis Securities.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

11-04-21 0550ET