June 12 (Reuters) – German submarine-to-steel group Thyssenkrupp (TKAG.DE) on Monday launched the long-awaited itemizing of its hydrogen division Nucera, focusing on proceeds of as much as 600 million euros ($646 million).
Right here is an outline of Nucera:
BUSINESS
Nucera is a hydrogen firm born out of a 66:34 three way partnership between Thyssenkrupp and Italian gasoline grid operator De Nora (DNR.MI).
It builds electrolysers wanted to provide inexperienced hydrogen, a sector at present benefiting from the U.S. Inflation Discount Act and the European Union’s initiatives to assist the inexperienced vitality transition.
The corporate, based mostly in Dortmund and led by CEO Werner Ponikwar, employs greater than 600 individuals throughout 4 continents.
RIVALS
Nucera competes with Norway’s Nel (NEL.OL), Britain’s ITM Energy (ITM.L), France’s McPhy Power (MCPHY.PA) and U.S.-based Plug Energy (PLUG.O).
RESULTS
On the finish of March, Nucera had an order backlog of 1.4 billion euros. First-half gross sales grew 74% to 306 million euros, whereas its working revenue rose 87% to 13.3 million euros.
Nucera recorded annual gross sales of 383 million euros within the yr ended Sept. 30, 2022.
VALUATION
When Thyssenkrupp first stated it deliberate to record Nucera in 2021, analysts valued the enterprise at 3 billion to six billion euros. Current estimates worth it between 2 billion and 5 billion euros.
IPO
The itemizing, run by Citi and Deutsche Financial institution, will primarily consist of latest shares. Thyssenkrupp additionally intends to promote a few of its personal shares, however plans to retain a majority within the firm.
The IPO, which was delayed by weak market situations after Russia’s invasion of Ukraine, is predicted to be accomplished earlier than the summer time break, relying on market situations, Thyssenkrupp stated.
($1 = 0.9285 euros)
Reporting by Anna Mackenzie and Tristan Veyet in Gdansk; Modifying by Milla Nissi and Paul Simao
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