Thyssenkrupp and Industrie De Nora, in their joint venture Thyssenkrupp Nucera, have revealed the price range for their upcoming initial public offering (IPO), falling below the projected value. The IPO will offer up to 30.3 million shares in Nucera to investors, priced between 19 euros ($20.76) and 21.50 euros, translating to a market valuation of approximately 2.4 to 2.7 billion euros, as announced by the hydrogen unit.
Insiders familiar with the situation had previously informed Reuters that Nucera was anticipated to be valued at over 3 billion euros. However, the revealed price range indicates a lower valuation for the company.
Nucera has outlined the offer period to commence on June 26 and conclude on July 5, with the first day of trading scheduled for July 7. The sale of new shares is expected to generate gross proceeds ranging from 500 to 566 million euros.
In an encouraging development, the fund subsidiary of BNP Paribas and the Saudi Arabian sovereign wealth fund PIF have committed to subscribing to Nucera shares as cornerstone investors, showcasing their confidence in the venture.
(Note: $1 = 0.9152 euros)