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ABB Gears Up For $3B EV Charging IPO In 2022: Reuters

ABB Gears Up For $3B EV Charging IPO In 2022: Reuters
  • Swiss technology group ABB Ltd (NYSE: ABB) plans to list its e-mobility division on the stock market next year in a deal that could value the business at about $3 billion, Reuters reports.
  • The e-mobility business, which makes fast chargers for electric cars and buses, benefits from the global battery-powered vehicle boom.
  • The company remains tight-lipped regarding a possible IPO in 2022. ABB is likely to keep a majority stake after an IPO to help the unit make acquisitions.
  • ABB is working with investment bank Lilja on the preparations for the IPO with possible lead by UBS Group AG (NYSE: UBS) and Morgan Stanley (NYSE: MS).
  • The European Union aims for 1 million charging points by 2025 and 3 million by 2030, up from 225,000 in 2020.
  • The shift from petrol-fired cars to electric vehicles and charging infrastructure continue to fuel demand for ABB's e-mobility devices.
  • ABB's e-mobility business employs 850 staff and posted revenues of $220 million in 2020. It has recorded an average growth rate of 50% over the past five years. However, the growth rate is estimated to moderate going forward.
  • As of May, Goldman Sachs analysts estimated the unit's sales would grow to $495 million next year.
  • U.S. peers like ChargePoint Holdings Inc (NYSE: CHPT) and Blink Charging Co (NASDAQ: BLNK) trade at over 30x their expected 2023 sales.
  • Price action: ABB shares closed lower by 0.09% at $33.96 on Thursday.

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Posted-In: Briefs ReutersNews Small Cap IPOs Tech Media

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