German industrial group Thyssenkrupp (ETR:TKA) and its Italian partner Industrie De Nora today set the price range for the initial public offering (IPO) of their hydrogen joint venture Nucera at EUR 19 to EUR 21.50 per share and are targeting gross proceeds of up to 20% to EUR 566 million (USD 621.8 million).
Thyssenkrupp, which owns 66% of the combined business, announced that a total of 30.26 million Nucera shares will be offered, including 26.3 million newly issued shares. Up to 3.95 million existing shares will be proposed as part of a possible over-allotment.
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The offer has already attracted two new investors. BNP Paribas Asset Management UK Limited (BNPP) has committed to purchase shares with a total value of up to EUR 85 million as part of the IPO.
The second new investor is Energy Solutions Company (ESC), a wholly owned subsidiary of the Saudi Arabian sovereign wealth fund Public Investment Fund (PIF), which has also committed to acquire shares worth 6% of the company’s share capital after the closing of the offering .
Based on the targeted price range, the IPO is expected to generate proceeds from new shares of between EUR 500 million and EUR 566 million. The sum will be invested in the electrolysis business, Thyssenkrupp announced.
Nucera puts the price range at 2.4 to 2.7 billion euros.
The offer period is expected to begin on June 26th and run until July 5th. The first day of trading is scheduled for July 7th.
After the IPO, Thyssenkrupp will continue to hold a majority stake in Nucera, with De Nora remaining its long-term partner.
“We are on the right track and believe that thyssenkrupp nucera is IPO-ready with its attractive business model and technology to produce green hydrogen at scale,” commented Werner Ponikwar, CEO of Thyssenkrupp Nucera, in the statement.
Citigroup and Deutsche Bank are acting as joint global coordinators of the deal. Joint lead managers are Commerzbank, Société Générale and UniCredit.
(EUR 1 = USD 1,098)
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