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Alessandro Profumo: Leonardo DRS’ Public Listing Hinges on Right Market Conditions

Leonardo CEO Alessandro Profumo said the Italy-based aerospace and defense conglomerate still intends for its U.S. subsidiary to go public once market conditions become more favorable, Reuters reported Friday.

In mid-March, the conglomerate announced that it would offer 31.9 million shares of Leonardo DRS’ common stock at $20 to $22 apiece through an initial public offering. Later that month, Leonardo postponed the IPO of its U.S. defense business, citing adverse market conditions.

“We have filed for the listing of DRS and we keep updating the documents for the IPO … when market conditions for a successful transaction are there, we will do it,” Profumo told reporters Friday.

He noted that Leonardo could revisit the IPO market in the next few months and that “the valuation’s range for the unit remains unchanged.”

The chief executive said the defense group planned to put its small automation business up for sale but declined to comment on the possible divestment of its naval gun manufacturing business.

In late August, reports emerged that Italy-based shipbuilder Fincantieri is in early talks to buy Leonardo’s naval gun business, formerly called Oto Melara.

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