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Thyssenkrupp takes the expected step for the IPO of Nucera Hydrogen

Thyssenkrupp AG is planning the long-awaited initial public offering of its Nucera hydrogen unit, which could mark the beginning of a recovery in the weakening European stock market.

Thyssenkrupp takes the expected step for the IPO of Nucera Hydrogen

Nucera plans to raise between €500 million ($537 million) and €600 million through the sale of new Frankfurt-listed shares. Thyssenkrupp said in a statement that it plans to complete the offer before the summer holidays.

The IPO values Nucera at about €4 billion, according to people familiar with the matter. This could be one of the biggest IPOs in Europe this year.

The German engineering group, which owns 66 per cent of Nucera, will hold the majority of the shares. Industrie De Nora SpA, which owns the remaining 34%, said it intends to "continue the long-standing partnership with Thyssenkrupp AG and Thyssenkrupp Nucera".

Thyssenkrupp shares increased 1.9% in early trading.

Citigroup Inc. and Deutsche Bank AG are leading the sale, with Commerzbank AG/ODDO-BHF, Societe Generale SA, UniCredit acting as joint bookrunners in co-operation with Kepler Cheuvreux.

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