FRANKFURT: Swiss technology group ABB plans to list its e-mobility division on the stock market next year in a deal that could value the fast-growing business at about US$3 billion, according to three people close to the matter.
The company is working with investment bank Lilja on the preparations for the e-mobility IPO, said the sources, adding that UBS and Morgan Stanley are seen in the lead to fetch the global coordinator mandates of the 2022 flotation.The carve-out of the unit, which has activities in 85 countries, is ongoing, according to the sources. They said a deal could happen in the first half of 2022, but that the timing could also slip.
ABB's e-mobility business employs 850 staff and posted revenues of US$220 million in 2020. It has recorded an average growth rate of 50% over the past five years, although that pace is expected to moderate in coming years.