ABB postpones e-mobility IPO | TechBuzz

However, current market conditions made it difficult to proceed with the initial public offering, which was planned for the second quarter of 2022, the company announced on Monday. The ABB share price in Zurich was recently 0.7 percent in the red and thus lost more than the overall market.However, the company is closely monitoring the market situation. ABB is determined to list the company on the Swiss stock exchange when market conditions are constructive.

Sales of the business unit, which includes, for example, charging infrastructure for all types of electric vehicles, reached around US$220 million in fiscal 2020, which is relatively small compared to ABB’s total sales. Since 2016, however, the division has been growing at a rapid pace, namely by an average of 50 percent a year.

Last spring, CEO Björn Rosengren assumed that the e-mobility sector would continue to grow strongly over the next 5 to 10 years. An IPO therefore offers a more suitable growth platform for this business.