2023-06-12 12:58:33
Dhe steel and industrial group Thyssenkrupp is getting serious about the IPO of its hydrogen subsidiary Nucera. The proceeds from the capital increase should bring Nucera 500 to 600 million euros, as the Thyssenkrupp subsidiary announced on Monday in Dortmund. The placement of the shares is planned before the summer break, provided the market environment plays along, it said. The Essen-based Thyssenkrupp Group also wants to hold the majority of the shares in the long term. The previous minority owner Industrie De Nora wants to continue its long-standing partnership with Nucera, according to the information.
Thyssenkrupp shares initially hardly reacted to the news in the morning. At noon the minus was 1 percent. Industrie de Nora shares, on the other hand, gained more than 2 percent. The Italian group previously held 34 percent of Nucera shares and could now sell all or part of it.
According to the information provided, Nucera’s IPO will primarily include newly issued common shares from a capital increase. The total number of papers offered and other conditions would still be determined, the company said. The Bloomberg news agency had already reported in mid-May that the IPO might start as early as June. As a result, the total volume of the IPO could reach up to 750 million euros – depending on how many additional shares the existing shareholders sell. The transaction could value Nucera at a total of around 4 billion euros, the report said.
Thyssenkrupp had already considered an IPO for the subsidiary in 2022, but initially refrained from doing so due to the volatile market conditions. Nucera intends to use the proceeds from the capital increase to expand its alkaline water electrolysis (AWE) business. Green hydrogen is a key factor for the decarbonization of industry and thus for achieving climate protection goals, said Nucera boss Werner Ponikwar. The Nucera technology produces green hydrogen on a large scale.
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For detailed view
According to preliminary figures, in the first six months of the 2022/2023 financial year Nucera increased its sales by around 74 percent to EUR 306 million compared to the same period last year. Earnings before interest and taxes (EBIT) in this period up to the end of March 2023 amounted to a good 13 million euros. The company intends to expand its alkaline water electrolysis business by the 2023/2024 financial year and achieve sales of EUR 600 to 700 million in this business area.
At the end of March, Nucera said it was sitting on orders worth around one billion euros from the AWE business alone. The order backlog totaled 1.4 billion euros. The background to this are expectations of major growth in the hydrogen market. This should increase sevenfold by 2050, writes Nucera, citing a study by the Hydrogen Council and the management consultancy McKinsey from November 2021.
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