Eni postpones IPO of retail, renewables unit

Italy's Eni SpA decided to postpone the initial public offering of its retail and renewables unit Eni Plenitude SpA Società Benefit on the Euronext Milan exchange, citing deterioration in market conditions.

"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," the company said in a June 23 news release.

Eni Plenitude supplies natural gas and energy to about 10 million customers. The company has a 1.4-GW portfolio of operational renewable energy capacity and aims to have over 15 GW of installed capacity by 2030.

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