Eni postpones Plenitude IPO citing market volatility

Italian oil-and-gas major Eni SpA (BIT:ENI) said on Thursday it decided to postpone the initial public offering (IPO) of its energy transition subsidiary Eni Plenitude SpA due to deteriorated market conditions.

The move comes just two weeks after Eni announced its intention to float a stake in the business on Euronext Milan.

“While there was strong and widespread investor interest in Plenitude and important support for its strategy, Eni has concluded that the volatility and uncertainty currently affecting the markets require a further phase of monitoring,” Eni said in Thursday’s notice.

Plenitude glues together Eni’s power and gas retail business, renewable energy, energy services and e-mobility activities. The business has a portfolio of some 1.4 GW of installed renewable energy capacity in operations, with plans to reach over 6 GW installed by 2025 and over 15 GW by the end of the decade.

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