Industrie De Nora will arrive at Piazza Affari with a price of 13,50 € the next 30nd June. The leading Italian multinationalgreen hydrogen (particularly specialized in electrochemistry and active in the industrial production chain) closed today the placement it had proposed with a fork between a minimum of 13,50 euros and a maximum of 16,50 euros per share.
The same 30 June as the placement on the market Euronext Milan (instead of June 29 as previously communicated) corresponds to the date of delivery and payment of the shares, communicates a note.
Offer subscribed 3,5 times, proceeds up to 545 million
Based on the offering price, the capitalization at the start of trading of Industrie De Nora, an investee of Snam to 34%, it will be equal to 2.723 million euros. The offering was subscribed approximately 3,5 times the offering price with strong demand from institutional investors globally. THE two cornerstone investors, San Quirico owned by the Garrone-Mondini families and 7-Industries Holding, have subscribed 38% of the amount of the quotas on offer.
Il total proceeds deriving from the offer will amount to approximately 474 million euros, of which 200 million euros due to the company and 274 million euros due to the selling shareholders, i.e. the companies Federico De Nora, Asset Company 10 (group Snam) to norfin.
The total could rise to 545 million if the over-allotment option is exercised. If the latter is fully exercised, the free float will be equal to approximately 20% of De Nora's share capital.
De Nora, first landing in Piazza Affari after the beginning of the Russian-Ukrainian conflict
The offer involved 40.337.034 shares (including the over-allotment option) to service the listing on Euronext Milan Italy. In particular, the offer includes 35.075.682 ordinary shares (overall equal to approximately 17,4% of the share capital), of which 14.814.814 shares offered by the company and 20.260.868 shares offered by Federico De Nora, Asset Company 10 and Norfin.
In addition, the selling shareholders have granted the placers an option to purchase an additional 5.261.352 shares or up to 15% of the shares offered at the offer price.
De Nora's IPO is there first listing on Piazza Affari following Russia's invasion of Ukraine in late February.
Several companies in Europe have decided to postpone their IPO plans due to market volatility, the latest being Eni who froze the IPO of the renewable energy assets gathered in Plenitude. "A lengthy preparation and quick sale process were crucial to the success of the IPO," he told Reuters. Paul Celesia, Credit Suisse's Head of Equity Capital Markets for Southern Europe. Celesia added that liquidity is not scarce in the market and IPOs are possible with the right approach.
Industrie De Nora closed 2021 with total revenues of 616 million and with an ebitda of 127 million. The company, in addition to being a leader in electrochemistry and sustainable technologies, has a portfolio of products and systems for optimizing the energy efficiency of industrial processes and water treatment solutions. In the hydrogen sector, with significant growth prospects, De Nora is the world's largest supplier of electrodes for the main industrial electrochemical processes. The company also has a joint venture with Thyssenkrupp and is a 34% shareholder in TK Nucera (another hydrogen company that should be listed shortly
Credit Suisse and Goldman Sachs to lead the transaction
In the context of the placement offer, Credit Suisse and Goldman Sachs International act as joint global coordinators and joint bookrunners, BofA Securities, Mediobanca and UniCredit as joint bookrunners. Mediobanca also acts as sponsor for the purposes of admission to listing of the shares. Latham & Watkins is acting as legal advisor to the firm, while Clifford Chance is acting as legal advisor to the joint global coordinators and joint bookrunners. Barabino&Partners acts as communication advisor.
