Italian De Nora seeks valuation up to 5 billion euros at Milan listing


MILAN (Reuters) – Italian Industrie De Nora, which makes components to produce green hydrogen, has launched the process of an IPO in Milan, which could value the company up to 5 billion euros ($5.7 billion) according to a source.

The offering will consist of new and existing shares and the proceeds will be used for growth, particularly in the hydrogen segment, a source familiar with the matter said.

The company is controlled by the De Nora family with a 64% stake, with the remaining shares held by Italian Snam. Both investors will remain with the company after the IPO, the source said.

Industrie De Nora, which also operates in the water treatment sector, is a leading manufacturer of electrodes used in devices called electrolysers that generate carbon-free green hydrogen.

The group, which achieved a turnover of 616 million euros with a basic result of 127 million euros in 2021, holds a 34% stake in Nucera, a joint venture of electrolysers with the German company ThyssenKrupp, which is involved in several major global hydrogen projects.

Thyssenkrupp said earlier this year that it would list Nucera in the first half of 2022 if it opted for such a move. In November, analysts valued Nucera at between 3 and 6 billion euros.

Goldman Sachs and Credit Suisse act as global coordinator and as bookrunners, along with Mediobanca, Unicredit and Bank of America.

In 2020, Italian gas group Snam bought a stake in Industrie De Nora from Blackstone in a deal valuing the clean energy company at around 1.2 billion euros, including debt.

($1 = 0.8801 euros)

(Reporting by Elisa AnzolinEditing by Keith Weir)


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