Swissport has deferred its planned IPO (Initial Public Offering) and listing of its shares on the SIX Swiss Exchange due to current market conditions, says the cargo handler.. The company, a subsidiary of Chinese HNA Group, had announced on January 25, 2018 its intention to seek an IPO.
The move comes two weeks after HNA Group abandoned a similar plan for its Swiss airline caterer Gategroup. The Chinese group is heavily indebted ands was seeking to reduce that debt with this IPOs. However, the Gategroup flotation, which was set to raise as much as $1.2 billion, was dropped 24 hours before trading was scheduled to start because it the move had not achieved the planned total.