The up to 30.3 million shares are to be offered at a price between 19 and 21.50 euros, as the thyssenkrupp subsidiary announced on Friday. This corresponds to a market value of between 2.4 and 2.7 billion euros. Most recently, a valuation of more than three billion euros was expected. The issue brings nucera between 500 and 566 million euros, thyssenkrupp and Italian co-owner De Nora are content with 75 to 85 million euros if demand is high enough. Almost a quarter of the nucera shares would thus be in the hands of new shareholders.
The papers can be subscribed from Monday to July 5th, on July 7th the company should then celebrate its debut on the Frankfurt Stock Exchange. “We are on track and believe that thyssenkrupp nucera is ready for the IPO with its attractive business model and technology to produce green hydrogen on a large scale,” said nucera boss Werner Ponikwar. The company intends to invest the proceeds in the electrolysis business.
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The IPO is the first in Germany for almost half a year. Strong fluctuations on the stock exchanges and uncertain economic prospects had unsettled many stock market candidates. In order to secure the issue, nucera has gained two anchor shareholders: the fund subsidiary of BNP Paribas and the Saudi Arabian sovereign wealth fund PIF have committed in advance to subscribe to nucera shares. A subsidiary of the Public Investment Fund (PIF) alone wants to buy almost a quarter of the shares on offer and would thus get six percent of nucera, BNP Paribas Asset Management wants to contribute up to 85 million euros.
The IPO is being organized by Citigroup and Deutsche Bank.
The shares of the nucera parent thyssenkrupp temporarily fell by 1.72 percent to 6.73 euros via XETRA on Friday.
Munich (Reuters)
Image source: thyssenkrupp AG, HstrongART / Shutterstock.com, tap trofsnag / Shutterstock.com