HomeIndustriesRenault Shares Rise After Scrapping EV IPO

Renault Shares Rise After Scrapping EV IPO

Renault SA shares rose by as much as 5% on Tuesday after the company decided to abandon its plans to launch an initial public offering for its electric vehicle (EV) business. The French automaker explained that unfavorable market conditions influenced its decision to abandon what could have been one of Europe’s largest IPOs this year.

Initially, Renault CEO Luca de Meo revealed that the company was seeking a valuation ranging between €8 billion and €10 billion for the EV business, known as Ampere, stopping short of Renault’s €10.1 billion valuation. De Meo insisted that improved cash flow in the EV unit has reduced the need for a share sale.

Still, de Meo did admit that falling EV demand had a role in his company’s decision. “Is the context influencing the decision? It’s one of the elements,” De Meo told reporters. “Being totally blind and not looking left and right would’ve been not been responsible.”

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...

Domino’s Pizza Beats Quarterly Estimates Amid Rebound in Demand

Domino's Pizza reported its financial results for the fourth quarter on Monday, beating Wall Street expectations. Same-store sales rose 2.8% over the quarter, beating...

U.S. Homeowners Remain In Homes Longer Than They Did 20 Years Ago

A study by real estate brokerage Redfin found that U.S. homeowners are remaining in their existing homes for longer than they did 20 years...