Nucera to go public in Frankfurt before summer break

German industrial group Thyssenkrupp AG (ETR:TKA) today announced a plan to float its hydrogen subsidiary Nucera on the stock market in Frankfurt before the summer break, depending on the market environment.

Nucera -- a joint venture between Thyssenkrupp and Italy's Industrie De Nora SpA in which the latter holds a 34% stake, intends to launch a primary offering consisting of mainly new shares.

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The proceeds from the issue, estimated at between EUR 500 million (USD 539m) and EUR 600 million, will be used to support the growth of Nucera's alkaline water electrolysis business segment.

Thyssenkrupp will keep a majority stake in the long term. The listing is supported also by De Nora which plans to continue the long-standing partnership with the electrolyser manufacturer and Thyssenkrupp.

Commenting on the plan, Thyssenkrupp's chief executive Miguel Angel Lopez Borrego said that a potential initial public offering (IPO) would expand the financial capabilities of Nucera and enhance the company's perception as a "leading technology provider for green hydrogen production."

Nucera, which boasts over 10 GW of installed electrolysis capacity in the chloralkali business, recorded an order intake of EUR 292 million in the first half of the fiscal year 2022/23. As planned, the figure is below the previous year's level to ensure the timely execution of large orders from the previous year, Thyssenkrupp noted.

At the end of the first half of 2022/23, the order backlog for the alkaline water electrolysis business totalled EUR 1 billion, while the total order backlog amounted to EUR 1.4 billion.

The business also raised its revenue in the period to EUR 306 million from EUR 176 million a year earlier and booked an EBIT of EUR 13.3 million.