Leonardo postpones DRS initial public offering, citing inadequate valuation

Leonardo said today it will postpone the initial public offering of shares of U.S. subsidiary DRS.

"Notwithstanding investor interest within the price range during the course of the roadshow, adverse market conditions did not allow an adequate valuation of DRS," the company said. "DRS remains a core part of Leonardo's business portfolio and the IPO will potentially be revisited when market conditions are more favorable and a successful IPO at an appropriate valuation for this strategic business can be achieved."

Leonardo added it "remains excited about the prospects of DRS and will continue to support its development within the Leonardo Group."