ABB - ABB eyes EV charging unit IPO to help fund acquisitions

ABB ([[ABB]] +1%) unveils plans to carve out its electric vehicle charging business into a separate legal structure to prepare the unit for a potential IPO, as it returned to pre-pandemic profit levels.The e-mobility business could fetch a valuation of $1.5B-$2B, Kepler Chevreux analyst William Mackie says."We need during the coming years to make many acquisitions within this area to keep the leading position we have today in the market," CEO Bjoern Rosengren tells Bloomberg, adding that an IPO would bring in funds to make software-related acquisitions.The business amassed $220M in revenues in 2020, and has enjoyed an average growth rate of 50% over the past five years.The Swiss engineering company reported Q1 net profit rose 34% Y/Y to $502M, not far from the $535M for Q1 2019, and said it expects its orders and revenues grow by more than 10% during Q2.

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ABB eyes EV charging unit IPO to help fund acquisitions