Subject to the allocation of further shares to stabilize the share price (greenshoe option), thyssenkrupp will retain a stake of at least 50.2% in its hydrogen business.
Miguel Ángel López Borrego, CEO of thyssenkrupp AG, said: “We achieved our goal and successfully floated our hydrogen business in a challenging capital market environment. This gives the company sufficient financial scope to grow further and expand its leading market position in the production of green hydrogen. We are convinced of the considerable development potential of thyssenkrupp nucera and will support the growth of the company, which is essential for the decarbonization of many industries, in the long term. The IPO is an important step in the transformation process of the entire thyssenkrupp Group.”
In the course of the IPO, a total of over 30 million shares were placed; of these, over 26 million were new shares. The offer price was set at €20 per share. The market capitalization for thyssenkrupp nucera is therefore around €2.53 billion. The gross proceeds accruing to thyssenkrupp nucera from the sale of the new shares amount to around €526 million. The Saudi Arabian sovereign wealth fund PIF and a fund of the French bank BNP Paribas have secured a substantial share of the issue volume and are acting as cornerstone investors. The previous joint venture partner De Nora will retain at least a stake of 25.9 percent in thyssenkrupp nucera, subject to the allocation of further shares to stabilize the share price (greenshoe option).
thyssenkrupp nucera has well-filled order books with an order backlog worth around €1.4 billion. The contracted projects have a combined installed electrolysis capacity of more than 3 GW. They include one of the world’s biggest planned electrolysis plants in Saudi Arabia with a capacity of over 2 GW, a 200 MW plant for customer Shell in the port of Rotterdam, and a 700 MW plant for a steel mill in Sweden. In the alkaline water electrolysis (AWE) business field alone, thyssenkrupp nucera expects sales of around €600 to 700 million in the coming fiscal year 2023/24.
