Arlington-based Leonardo DRS Inc., a subsidiary of Italian defense contractor Leonardo SpA, is hitting the brakes on its initial public offering, its parent company announced Wednesday. No future IPO date was announced.
The company attributed its decision to “adverse market conditions” that “did not allow an adequate valuation of DRS,” according to a news release. “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.”
The company added that it has filed a registration statement with the Securities and Exchange Commission but that it has not yet become effective, meaning that the securities cannot be sold until it goes into effect.
