ABB plans a flotation of its e-Mobility division
ABB is expecting to raise at least $750m (€664m) from the flotation of its electric vehicle charging business later in 2022, Reuters reports.
The IPO is expected to take place in the first half of this year, with a listing on the SIX Swiss Stock Exchange. ABB will use the money raised to fund investments into the fast-growing e-mobility business but will maintain a majority stake in the company.
The announcement was made by Chief Executive Bjorn Rosengren after ABB reported its fourth-quarter earnings in which demand increased significantly and orders grew by 18% year-on-year (21% comparable). This was despite supply chain disruptions in parts of the business.
Image: ABB Chief Executive Bjorn Rosengren, courtesy of ABB