Thyssen-krupp is selling the shares in its hydrogen subsidiary cheaper than expected.
(Photo: dpa)
Dusseldorf, Frankfurt The marketing of shares in Thyssen-Krupp’s hydrogen subsidiary has got off to a good start: demand for Thyssen-Krupp Nucera shares exceeded supply on the first day of the subscription period. The banks organizing the deal informed investors on Monday.
The so-called “covered message” – the message that orders have been received for all shares available for sale – is an important signal for investors and usually triggers many follow-up orders. As a rule of thumb, there must be at least twice as many orders as there are shares on offer for the IPO to be a success.
Thyssen-Krupp Nucera announced the price range for the shares offered in the IPO on Friday: it is slightly below the expectations of the past few months. The up to 30.3 million shares will be offered at a price between 19 and 21.50 euros. This corresponds to a market value of between 2.4 and 2.7 billion euros.
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