Jan 14 (Reuters) - Industrial company Honeywell said on Wednesday it plans for its majority-owned quantum computing unit Quantinuum to confidentially file draft initial public offering papers with the U.S. securities regulator.
Quantinuum's IPO plans come at a time when companies are exploring ways to develop and scale quantum capabilities to solve complex problems such as designing and manufacturing hydrogen cell batteries for transportation.
The number of shares to be offered and the price range
for the proposed offering have not yet been determined, the company said.
Following the news, Honeywell's shares were up 1.6% during premarket trading.
In September, Quantinuum raised about $600 million from investors, including Nvidia's venture capital arm, at a valuation of $10 billion.
The full-stack quantum computing provider's technologies are used by Honeywell, Airbus, BMW Group, HSBC and JPMorgan Chase.
Quantinuum was formed in 2021 after Honeywell announced that its quantum computing division would separate from the company and combine with Cambridge Quantum.
Last year, Honeywell broke up its vast conglomerate into three separate companies specializing in automation, aerospace, and advanced materials.
It also divested some smaller units to concentrate on strengthening its automation division.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shreya Biswas)
