ABB has once again postponed the planned IPO of its electric vehicle charging business, citing turbulent stock market conditions.
“The listing of the business remains an important part of ABB’s strategy. However, recent market conditions have made it challenging to proceed with a planned share offering in the second quarter of 2022,” the Swiss company said.
“ABB is monitoring market conditions and is fully committed to proceed with a listing of the business on the SIX Swiss Exchange as and when market conditions are constructive.”
E-mobility generated about $323 million in sales in 2021.
ABB could be concerned that a possible IPO now might not generate sufficient value.
The Zurich-based company hopes to raise at least $750 million from the IPO and to maintain a majority stake in the business.
ABB has not yet decided whether to spin off or sell its electric vehicle charging business, while a final decision is expected within weeks.