Thyssenkrupp Nucera starts higher than the issue price


Hydrogen company on the stock exchange
Thyssenkrupp Nucera starts higher than the issue price

The Thyssenkrupp industrial group sends the hydrogen division to Earth. It is the second largest IPO in Europe of the year so far. Investors value the company at more than 2.5 billion euros. Two major investors must ensure stability.

Thyssenkrupp’s hydrogen technology subsidiary, Nucera, made its stock market debut. The first price on the Frankfurt Stock Exchange was 20.20 euros on Friday, higher than the issue price of 20 euros. The company is valued at around 2.5 billion euros. There was a flurry of satisfied applause on the floor when the first course was announced. Thyssenkrupp stock rose more than 3 percent.

ThyssenKrupp Nocera
ThyssenKrupp Nocera 21.54

Nucera offers technology for electrolysis plants that can be used to produce hydrogen on an industrial scale using electricity from renewable energies. “We gave them entrepreneurial freedom, and now it’s a multi-billion dollar company,” Miguel Lopez, CEO of ThyssenKrupp, said of Nucera’s IPO. Thyssenkrupp will remain a long-term shareholder.

Nucera wants to use the proceeds from its initial public offering to expand its electrolysis business. Thyssenkrupp reduced its stake from 66 to 50.2 percent. 24 percent of the shares are freely tradable after the IPO. However, 39 percent of the €605 million issuance volume went to two major investors, namely the French BNP Paribas fund and Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Therefore, these securities are not available for trading at the present time. In fact, only about 15 percent of Nucera shares are in free float.

Baader Helvea sees Nucera’s IPO as positive for ThyssenKrupp because it reduces the complexity of the company’s structure and places a price on important growth businesses. Furthermore, analysts predict that the IPO will increase Nucera’s attractiveness to potential new customers and employees. By their estimation, Nucera could reach a valuation of up to €3.5 billion in the next 12 to 18 months. Prerequisites are: a further increase in incoming orders, fast processing of orders and achieving growth targets without hurting earning power too much.

The IPO in Frankfurt is the second largest in Europe this year after Italian lottery company Lottomatica. IPO candidates and investment bankers are hopeful that the first new issuance in Germany since web hosting and cloud service provider Ionos in February will once again give investors confidence. Some companies are aiming to go public in the fall.


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