Thyssen-Krupp plans to list its hydrogen subsidiary Nucera this Friday.
(Photo: dpa)
Frankfurt The hydrogen subsidiary of Thyssen-Krupp, Nucera, will start on the Frankfurt stock exchange this Friday. The shares are issued for 20 euros each. The company announced this on Wednesday. The issue price is roughly in the middle of the previous range. Thyssen-Krupp Nucera is thus valued at 2.53 billion euros.
The IPO brings Nucera EUR 605 million, including an over-allotment option. 526 million euros of this sum will go to Nucera. The company wants to use them to expand the business with the technology for producing hydrogen.
Thyssen-Krupp wants to reduce its stake to 50.2 percent as part of the IPO. Thyssen-Krupp currently holds 66 percent of the shares in Nucera, while the remaining 34 percent are held by Italian partner De Nora. The Saudi state fund PIF wants to take over six percent of the shares as a so-called cornerstone investor, the BNP Paribas Energy Transition Fund up to 3.5 percent. 24 percent will be in free float in the future.
The hydrogen subsidiary develops technology for electrolysis plants that can be used to produce green hydrogen on an industrial scale. Nucera’s business is currently focused on Europe and North America. According to the company, the growth opportunities in the USA are particularly good as a result of the massive support provided as part of the Inflation Reduction Act (IRA).
Thyssen-Krupp actually wanted to list the subsidiary last year. However, due to the volatile market conditions, the group initially refrained from these plans.
In the current situation, the large investments that Nucera intends to make in the coming years could not have been shouldered by the group alone. Because in order to assert itself internationally against competitors, Nucera has to expand: The hydrogen subsidiary expects high expenses for research and development. By 2026, between 150 and 250 million euros are to be invested in research and a similar amount in further investments – a total of around 500 million euros will be needed for this.
Few new issues in Germany
The planned IPO of Thyssen-Krupp Nucera is the second major IPO this year in Germany. However, the debut of the Internet service provider Ionos flopped in the spring – the market environment is currently considered challenging despite the recent highs on the Dax.
Investors remain cautious about new issues. No further deals are planned in Germany for the summer. Bankers are expecting a handful of IPOs in the fall, such as glass packaging manufacturer Schott Pharma or armored gear manufacturer Renk.
More: Here’s what you need to know about Nucera stock