Nucera to raise EUR 605m in Frankfurt IPO

Electrolyser manufacturer Thyssenkrupp Nucera is set to raise about EUR 605 million (USD 658.2m) in its initial public offering (IPO) after pricing the shares at EUR 20 apiece, owners Thyssenkrupp AG (ETR:TKA) and Industrie De Nora said on Wednesday.

The IPO price is in the middle of the targeted range of between EUR 19 and EUR 21.50 per share and values Nucera at EUR 2.53 billion. As planned, the company is placing 30.26 million shares, including 26.3 million newly issued shares and 3.95 million existing shares.

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“We are proud that in terms of placement volume Thyssenkrupp Nucera is the largest global hydrogen IPO of all times,” Nucera’s CEO Werner Ponikwar noted in the statement.

As part of the IPO, BNP Paribas Asset Management UK Limited (BNPP) is acquiring 4.25 million shares. In parallel, Energy Solutions Company (ESC), a wholly-owned subsidiary of Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF), is buying 7.58 million shares. Retail investors were allocated about 5.8% of the total placement volume.

Assuming full exercise of the greenshoe option, the free float will be 24% of Nucera’s capital. German industrial group Thyssenkrupp, which currently holds 66% of the hydrogen company, will continue to be the majority owner after the IPO. Italy's De Nora will remain its long-standing partner.

Nucera shares are scheduled to begin trading on the Frankfurt Stock Exchange under the ticker symbol NCH2 on July 7.

Citigroup and Deutsche Bank are acting as joint global co-ordinators of the deal. Joint bookrunners are Commerzbank, Societe Generale as well as UniCredit.

(EUR 1 = USD 1.088)