The stock market newcomer nucera took its first steps onto the trading floor in a difficult environment on Friday.
The shares of the hydrogen subsidiary of thyssenkrupp were traded at a peak of EUR 21.78 in the morning, which meant an increase of up to around 9 percent compared to the issue price of EUR 20 per share. Later, the paper was temporarily up 17.62 percent at EUR 23.76. The initial price on the Frankfurt Stock Exchange was EUR 20.20.
A total of almost 30.3 million shares including a greenshoe option were placed with investors, most of which came from a capital increase by thyssenkrupp nucera.
Thyssenkrupp previously held 66 percent in nucera and the Italian industrial company De Nora 34 percent. The ownership structure changes with the IPO. If the over-allotment option is exercised in full, 24 percent of the share capital should be in free float. The Essen-based industrial group wants to hold a majority stake in its subsidiary in the long term. The previous minority shareholder De Nora intends to continue its long-standing partnership with the company. The Italians are manufacturers of electrochemical technology.
The nucera IPO (initial public offering) also gave Thyssenkrupp’s share price a tailwind ahead of the weekend. The papers rose in price by up to 3.7 percent, but then turned around again at their 21-day line. It is considered an indicator of the short-term trend. Most recently, the price increase was 3.2 percent, making the shares one of the bigger winners in the weakened MDAX.
Meanwhile, Baader analyst Christian Obst sees a lot of positive things in the IPO of the hydrogen specialist, including for the mother: Thyssenkrupp can on the one hand reduce the complexity of the broad-based group and on the other hand give an important growth area a “price tag,” he wrote. The step should also increase the attractiveness of nucera for potential customers and employees. The expert expects the company’s stock market value to rise from the initial around 2.5 billion euros – based on the issue price – to up to 3.5 billion euros within a maximum of 18 months.
This would correspond to an increase in value of almost 40 percent and could be a lucrative business for investors from the very beginning. According to the Baader expert, for such an increase, nucera would have to continue to increase the number of incoming orders and prove its ability to process the rapidly growing order backlog as promised. In addition, the profitability of nucera should not suffer too much when implementing the growth ambitions, according to Obst.
Thyssenkrupp had already considered an IPO for nucera last year, but initially refrained from doing so due to the volatile market conditions. According to earlier information, the proceeds are to be used to expand the business with so-called alkaline water electrolysis (AWE) for the climate-neutral production of hydrogen.
nucera, based in Dortmund, produces so-called electrolysers, in which water is broken down into hydrogen and oxygen. The hydrogen obtained is later used as an energy source. In view of the energy transition and the growing demand for hydrogen, the market is considered to have great potential.
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