MILAN – De Nora goes to the minimum of the price fork hypothesized to land in Piazza Affari: the green hydrogen company has set the price at 13.5 euros (the hypothesized maximum was 16.5) and thus fixed the capitalization at start of negotiations at € 2,723 million. The Offer, explains a note, was subscribed about 3.5 times “with strong demand from institutional investors globally”.
The 35 million shares that are on offer (overall equal to approximately 17.4% of the share capital), come for 14.8 million from shares of the same company and for 20 million abundant from the selling shareholders, Federico De Nora SpA, Asset Company 10 Srl and Norfin SpA The latter gave the banks the opportunity to place a further 5.2 million shares: if this so-called over-allotment option is fully exercised, the free float will be 20%.
The proceeds from the offer will be 474 million, 200 million to the company and 274 to the selling shareholders; become 545 with the Over-allotment.
The debut in Milan has been postponed by one day: it is scheduled for 30 June 2022 and not for 29 June 2022 as previously indicated.