Eni postpones IPO at renewables arm

Italy's Eni has postponed an initial public offering (IPO) at its renewables arm Plenitude, the company said on June 23, citing poor market conditions.

'Market conditions have deteriorated since Plenitude and Eni announced the intention to float on June 9," Eni said. "While there was strong and widespread investor interest in Plenitude and important support for its strategy, it was concluded that the volatility and uncertainty currently affecting the markets require a further phase of monitoring."

Known formerly as Eni Gas e Luce, Plenitude has a combined renewable power generation capacity of 1.4 GW, and also has energy retail and e-mobility divisions.