Shares in ThyssenKrupp Nucera got off to a strong start on Friday as the long-awaited first day of trading on the Frankfurt Stock Exchange finally arrived. As of 0836 GMT, the stock was trading higher at EUR21.20 per share, having opened at EUR20.20.
Nucera, in collaboration with shareholders Thyssenkrupp and Industrie De Nora, set the initial public offering (IPO) price at 20 euros ($21.79) per share, resulting in a valuation of approximately EUR2.53 billion. The IPO saw over 30 million shares placed.
Thyssenkrupp stated that the IPO will generate gross proceeds of roughly EUR526 million, which will be reinvested in the continued growth of the hydrogen business.
Nucera specializes in the production of electrolyzers that generate hydrogen from renewable sources. The company boasts an order backlog worth around EUR1.4 billion and has contracted projects with a combined installed electrolysis capacity of over 3 gigawatts.
This marks Nucera’s second attempt at a public-market listing. Last year, the planned IPO had been delayed due to unfavorable market conditions. However, the timing is now opportune as clean hydrogen technology is receiving increased support from favorable legislation in both Europe and the U.S.
Thyssenkrupp intends to maintain a stake of no less than 50.2% in the business, while Industrie De Nora will hold a stake of at least 25.9%.