Italy-based aerospace and defense conglomerate Leonardo has announced the postponement of the initial public offering of its U.S. subsidiary due to unfavorable market conditions.
Adverse market conditions prevented an adequate valuation of Leonardo DRS, the parent company said Wednesday.
The conglomerate added that it will revisit the IPO once market conditions become more favorable and allow an appropriate valuation of Leonardo DRS.
In mid-March, Leonardo announced that it would offer 31.9 million shares of its U.S. defense business’ common stock at $20 to $22 apiece through the IPO. Leonardo DRS planned to list a minority stake of its common shares on the New York Stock Exchange under the ticker symbol “DRS.”
