LONDON/FRANKFURT (Reuters) -Thyssenkrupp is poised to launch the long-awaited listing of its hydrogen division Nucera as soon as next week, according to several people familiar with the matter, in what could be a boost to Europe’s sluggish capital markets.
No final decision has been made by the company’s management on whether to go ahead with the initial public offering (IPO) and it is possible that the move will be delayed at the last moment, one of the people said.
Reuters reported in April that Nucera, partly owned by Italy’s De Nora, was targeting June for an IPO that could value the business at up to 5 billion euros ($5.4 billion).
Shares in Thyssenkrupp rose as much as 1.8% following the news but fell back to trade 0.4% higher at 1411 GMT.
Thyssenkrupp, De Nora and Nucera declined to comment.
Nucera’s efforts come as other European companies also rush to sell shares before investors close up shop for the summer, following a prolonged drought in new listings due to soaring interest rates and economic uncertainty.
Soda ash producer WE Soda and payments firm CAB Payments are currently looking to list shares on the London Stock Exchange, while Romanian energy giant Hidrolectrica is planning to list at home.
Sources told Reuters in April that Nucera could be valued anywhere between 2 billion euros and as much as 5 billion euros if forward sales multiples of rivals Nel and ITM Power are applied.
The wide valuation range underscores the difficulty of putting a price tag on such an emerging technology.
Nucera makes the electrolysers needed to produce green hydrogen – a sector that has been benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition.
Dealreporter earlier reported that Nucera might kick off the sale next week.
($1 = 0.9284 euros)
(Reporting by Pablo Mayo Cerqueiro, Christoph Steitz, Andreas Gonzalez and Tom Kaeckenhoff; Additional reporting by Emma-Victoria Farr and Francesca Landini; Editing by Elisa Martinuzzi, Mark Potter and Louise Heavens)
