Italy’s De Nora family is relieved that the electrode manufacturer made it onto the Milan Stock Exchange. After previous attempts to list businesses thwarted by external crises.” At the beginning of the century, we were on the brink of listing our fuel cells unit Nuvera in the United States. However, Dot-com bubble and the 9/11 financial consequences blocked the attempt,” said Federico De Nora, chairman of Industrie De Nora.
De Nora is the first company to list on the main Milan market since the conflict began. With the shares priced at the bottom of the range, but a valuation of 2.7 billion euros ($2.8 billion). The shares slipped in initial trading. The chairman, who before the IPO held 56% of the group together with his two sons. Expected to pocket roughly 60 million euros from the listing out of 545 million euros raised, including the over-allotment option. He is the 24th richest person in Italy according to Forbes statistics.
Both John Elkann, scion of the Agnelli family, and Nicola Bulgari, grandson of the luxury brand founder, trail De Nora in this standing. The company is getting 200 million euros in fresh funds while existing shareholders, including Snam, will pocket 345 million. It aimed the share sale at funding growth and building new plants not to increase my net worth,” De Nora.
De Nora’s company is a leading manufacturer of electrodes for devices such as rechargeable batteries. And also makes systems for water filtration and wastewater treatment and components to produce green hydrogen. Federico De Nora asked his father to change the company’s ownership structure. Split between him and his brother. Federico became chairman of the company while his brother began managing the family’s fortune.