Swissport delays IPO due to weak market conditions to realise price aspirations

SWISSPORT Group will postpone its plans for an initial public offering (IPO) on the SIX Swiss Exchange. The ground handler, a subsidiary of Chinese conglomerate HNA, told investors that the listing is being delayed due to prevailing market conditions. The company first announced the IPO in January that aims to speed up the company's long-term growth strategy, provide greater financial flexibility and liquidity. No time line had been set for the listing, although reports suggested it would happen during the second quarter, reported London's Air Cargo News. In March HNA deferred plans to list its Gategroup subsidiary, with the Financial Times reporting that there was a big gap between its valuation of share price and the amount investors were willing to pay. The report suggested that the HNA Group may struggle to drive forwards its listing of Swissport because the two companies' finances are closely intertwined due to a series of short-term loans made by the ground handler to other HNA subsidiaries. The company has just wrapped the acquisition of of Aerocare, a leading ground handler in Australia and New Zealand.
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