De Nora Industries accelerates the growth ofgreen hydrogen. The Italian multinational has started the procedures for listing on the Stock Exchange. An IPO of considerable interest arrives on the market, the contents of which were anticipated on Monday morning by Radiocor. The company thus intends to play its cards in the best possible way in the ecological transition and above all in the development of green hydrogen. The company, founded by Oronzio De Nora in 1923, is 34% owned by Snam while the remaining share is in the hands of the founder's family.
Industrie De Nora, the quotation
The operation, according to Radiocor's reconstruction, will take place partly through a capital increase and partly through the placement of shares. The value of the company is estimated at about 5 billion, at the end of the transaction both the De Nora family and Snam will remain shareholders. The listing is coordinated by Credit Suisse and Goldman Sachs, the sale of the shares - probably aimed at institutional investors - is scheduled for May.
Industrie De Nora closed 2021 with total revenues of 616 million and with an ebitda of 127 million. The company is a leader in electrochemistry and sustainable technologies and has a portfolio of products and systems to optimize the energy efficiency of industrial processes and water treatment solutions.
Industrie De Nora, the hydrogen business
The other chapter, with important growth prospects, is that of hydrogen. In fact, 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 go public soon). The value of the transaction, reports radiocor, is estimated by analysts at around 6 billion and is aimed at further supporting the growth of green hydrogen on which De Nora is betting in Neom and in the smart city project The Line, the city of the future to be built in Saudi Arabia.
Returning to De Nora's valuation, the stake acquired by Snam in 2020 was priced on the basis of an enterprise value of 1,2 billion. At the time, it was the Blackstone fund that sold. Today, however, there is talk of an overall valuation of the company of approximately 5 billion.
