nucera share is coming: thyssen subsidiary nucera on the IPO with a lower rating than expected – thyssenkrupp shares are still green

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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.

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.

Thyssen stake in Nucera could fall to 50.2 percent at IPO

Thyssenkrupp’s stake in the hydrogen subsidiary Nucera would be diluted to 50.2 percent if it were possible to acquire, in addition to around 26.3 million new shares from a capital increase, the total of almost 4 million shares from the two previous owners place, which are intended as an over-allotment. This emerges from the company’s stock exchange prospectus, which has now been published.

The Essen-based Ruhr group has declared that it wants to retain the majority in the manufacturer of water electrolysis systems from Dortmund. He currently controls 66 percent of the shares in Nucera, while the remaining 34 percent is held by the Italian partner, the electrode manufacturer De Nora. According to the prospectus, De Nora’s stake would fall to 25.6 percent if the placement were complete.

Since the Saudi sovereign wealth fund PIF, as a cornerstone investor, has committed in advance to taking over 6 percent of the shares, 18 percent of the Nucera shares would be in free float if the offer was fully placed.

The subscription period begins on Monday and runs through July 5th. The shares are offered between 19 and 21.50 euros. With an allocation in the middle of the range, the company received almost 517 million euros net. The first day of trading in Frankfurt should be July 7th.

The shares of the nucera parent company thyssenkrupp ultimately went up 2.22 percent to EUR 7.00 via XETRA on Friday.

Munich (Reuters) / FRANKFURT (Dow Jones)

Image sources: tap trofsnag / Shutterstock.com, thyssenkrupp AG