MILAN, March 24 (Reuters) - Leonardo has postponed the initial public offering of its U.S. electronics unit DRS
, saying adverse market conditions did not allow for an adequate valuation, the Italian defence and aerospace group said on Wednesday.
The IPO of DRS, which counts the U.S. military as a customer, was launched last week.
Leonardo, which aimed to complete the listing by the end of March, was offering about 31.9 million shares of Leonardo DRS, or a 22% stake, on the New York Stock Exchange for $20 to $22 per share, valuing the stake at up to $701.8 million.
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