De Nora’s bold IPO ambitions just took a cold shower. The Italian group of hydrogen components, electrodes and water treatments has set the price for its planned market listing at between 2.7 billion euros and 3.3 billion euros. That’s a reduction of at least 27% from earlier expectations of at least 4.5 billion euros .
De Nora, whose hydrogen components division might contribute only around 10% of total sales this year, may be persevering because it already secured backing for about 40% of the shares it plans to
sell. And the world’s long-term need for carbon-neutral fuels remains. The risk is that management winds up pulling the IPO anyway, or gives investors an overly cheap way into the low-carbon future.
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