Industrie De Nora, based in Italy, is planning to announce plans for its IPO in Milan next week, according to sources familiar with the matter. The company makes components to produce green hydrogen powered by renewable energy.
In what is slated to be the first IPO in Milan since the start of the Russian war on Ukraine, the company plans to complete the share offering in June, according to the sources.
The De Nora family has a controlling stake in the company at 64 percent, while the remaining shares are owned by Italy-based Snam. The group reported a revenue of 616 million Euros in 2021, with a core profit of 127 million Euros.
The sources said that De Nora could float a minority stake, retaining the stakes of the De Nora family and Snam.
Despite volatility in the market, the company could still aim for the valuation target from the beginning of the year. Earlier this year in February, the plans could value the group at up to 5 billion Euros.
Many companies have suspended their listing plans due to a dampened economic forecast, rising inflation and interest rates caused by the Russian war on Ukraine.
According to analyst EY, the global IPO market generated USD54.4 bln in the first quarter of 2021, which was a drop of 51 percent from the previous year. January had been the strongest opening month in over two decades.
Sources said that investor interest in the group had grown recently, due to the fact that the business is focused on producing green hydrogen. Green Hydrogen is obtained by separating it from water by electrolysis powered by renewable energy sources.
Observers view Hydrogen production as a big factor in attempts to reduce greenhouse emissions, and demand for the fuel is expected to grow exponentially in future.
Alternative and eco-friendly energy sources are attracting increased investor interest, even as Europe attempts to cut its dependence on Russian oil and gas without faltering in its goal to cut carbon emissions.
The sources, however, cautioned that the company’s planned IPO could still be subject to change given the fluctuating financial markets.
About De Nora
De Nora was founded in 1923 by Oronzio De Nora in Italy. The company is committed to developing alternative solutions aimed at achieving the energy transition to decarbonization, enabling the hydrogen economy and ensuring clean energy for everyone.
The technologies utilized by the company have been recognized as a high-value enabler that enhances transformational processes for industrial applications.
In the last decade, the Group has established an outstanding track record of organic growth, which is supported by technology innovation and successful M&A activity in several countries.
Currently, the company is present in 10 countries with 25 operating companies with five R&D centers spread across Italy, the US and Japan. The company employs 1,700 people globally, and effectively serves customers in over 100 countries.
