ABB Postpones Planned IPO Of E-mobility Business

(RTTNews) - Swiss engineering company ABB Ltd.(ANN.L, ABB) Monday said it is postponing the planned initial public offering of its E-mobility business in the coming weeks due to challenging market conditions.

In its update, the company said it is challenging now to proceed with the planned share offering in the second quarter of 2022 due to the recent market conditions.

The company said it is monitoring the conditions, and that it would proceed with a listing of the business on the SIX Swiss Exchange as and when market conditions are constructive.

ABB said the listing of the business remains an important part of its strategy.

"ABB E-mobility will continue to execute its growth story, driven organically and through M&A. In addition, the Board of Directors of the business under Chairman Michael Halbherr will help govern the fast-moving entity. A new dedicated identity under the ABB brand is also being prepared for the business," the company said.

In Switzerland, ABB shares were trading at 25.72 francs, down 1.30 percent.