• NEL specifies stock exchange plans for Fueling spin-off
• IPO in Oslo applied for
• Investor meeting aims to provide clarity
IPO applied for in Oslo
In recent months, the hydrogen company NEL ASA has repeatedly announced its plans to list its fueling spinoff Cavendish Hydrogen on the Oslo stock exchange. Now the subsidiary has applied for an IPO in the Norwegian capital, according to a press release from NEL.
Approvals are still pending
However, the IPO is not yet a done deal, as NEL explained. The IPO is subject to several outstanding approvals, not only from the Oslo Stock Exchange, but also from the Board of Directors of the parent company and the Norwegian Financial Supervisory AuthorityIn addition, NEL plans to issue Cavendish shares as a dividend in kind to NEL shareholders.
The hydrogen company plans to list Cavendish shares by the end of the second quarter of 2024.
Investor meeting in June
In addition, the hydrogen giant has announced a series of investor meetings for Cavendish, at which further details about the IPO will be announced. The dates are scheduled to take place from June 3 to 7. Interested investors have the opportunity to register for the event through a sales representative, who will then be available to answer questions.
NEL shares driven by IPO plans
The news is well received on the Oslo stock exchange: After NEL shares ended Thursday trading 10.79 percent lower at 7.03 Norwegian krone, they ultimately rose 13.86 percent to 8.00 krone on Friday.
Editorial staff finanzen.net
Image source: Postmodern Studio / Shutterstock.com