Leonardo postpones DRS IPO due to adverse market conditions
Reuters2021-03-24
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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
