Italy’s Industrie De Nora said it plans to list in Milan in June, confident in investor interest for its business supporting the decarbonization and green energy transition despite volatile markets.
De Nora makes components to produce green hydrogen and is a leading manufacturer of electrodes used in electrochemical applications as well as of systems for water filtration and waste water treatment.
Reuters reported exclusively on Sunday that De Nora planned to list a minority stake on the Milan bourse this month.
The company said in a statement on Monday the offering would consist both of newly issued shares and the sale of shares held by current shareholders, the De Nora family and Italian gas grid operator Snam.
The global market for initial public offerings (IPOs) has suffered a major setback due to the Ukraine war, with its implications of slower economic growth and record-high inflation, as well as rising interest rates.
Consultancy EY calculated IPO proceeds in Europe, Middle East, India and Africa in the first quarter fell by 68 percent year on year as many IPO candidates froze their listing plans until they had more clarity on the economic outlook.
De Nora’s flotation would be the first major Milan IPO since Russia’s invasion of Ukraine on Feb. 24.
On Sunday, one of the sources said De Nora was confident it could still go for the valuation target it had at the beginning of the year.
In February Reuters had reported the deal could value the group at up to 5 billion euros, including debt.
De Nora said Credit Suisse and Goldman Sachs would act as joint global coordinators, as well as joint bookrunners together with BofA Securities, Mediobanca and UniCredit .
