Robotics and Automation company engaging in robotics, machine automation and digital services ABB Ltd. (NYSE: ABB) is apparently delaying the initial public offering (IPO) of its E-mobility electric vehicles charging business due to current challenging market conditions.
This development was announced by the company’s spokesman Daniel Smith on June 6, who said the current market conditions are not favorable for the IPO.
“Current market conditions make it challenging to complete the planned listing of ABB’s E-mobility business in the second quarter. Nevertheless, we constantly observe the market developments and intend to launch the IPO in the coming weeks subject to constructive market conditions,” said Smith.
The company’s chief executive officer, Bjorn Rosengren, had earlier announced that they intend to raise more than $750 million from the IPO in which ABB will retain a majority stake in the business after the flotation on the SIX Swiss exchange.
Additionally, the company says that is still contemplating whether to spin off or sell its turbocharging business.
“We are making good progress in carving out the turbocharging business and intend to make a final decision on a spin-off or sale in the coming weeks,” added Smith.