Thyssenkrupp hydrogen business eyes up to $687 mln in IPO proceeds – Reuters

January 13, 2022 by No Comments

A logo of Thyssenkrupp AG is pictured at the company’s headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen/File Photo

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  • Hydrogen business rebranded Nucera
  • Nucera could be floated in IPO in spring
  • Nucera had sales of 319 mln euros, EBIT of 27 mln in 2020/21

FRANKFURT/DUESSELDORF, Jan 13 (Reuters) – Thyssenkrupp’s(TKAG.DE)electrolysis business is aiming for proceeds of up to 600 million euros ($687 million) by selling new shares in a possible initial public offering this year, betting on the booming hydrogen sector it supplies with equipment.

Thyssenkrupp plans to keep a majority in the business – which is being rebranded as Thyssenkrupp Nucera – following any IPO and aims to maintain the current shareholding ratio with its Italian co-owner De Nora (IPO-DENR.MI), said Volkmar Dinstuhl, who leads the conglomerate’s Multi Tracks division.

This implies a free-float of up to 25%.

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The 500 million-600 million in potential proceeds would correspond to a stake sale of roughly 10-20% based on a valuation range of 3 billion to 6 billion euros that analysts have put on the division, which could be listed in the spring.

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Source: https://www.reuters.com/business/thyssenkrupp-hydrogen-unit-eyes-up-687-mln-possible-share-sale-proceeds-2022-01-13/

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