By Giulia Petroni

Shares in ThyssenKrupp Nucera opened positively Friday on the hydrogen firm's long-awaited first day of trading on the Frankfurt Stock Exchange.

At 0836 GMT, the stock trades higher at EUR21.20 a share after opening at EUR20.20.

Nucera, along with shareholders Thyssenkrupp and Industrie De Nora, set its initial public offering price at 20 euros ($21.79) a share, implying a valuation of around EUR2.53 billion. A total of over 30 million shares were placed.

Gross proceeds of around EUR526 million from the IPO will be invested in the further growth of the hydrogen business, Thyssenkrupp said.

Nucera, which makes electrolyzers generating hydrogen from renewable sources, has an order backlog worth around EUR1.4 billion and contracted projects with a combined installed electrolysis capacity of more than 3 gigawatts.

The company's second attempt at a public-market listing--last year the planned IPO was delayed due to weak market conditions--comes at a time when clean hydrogen technology is getting a boost from supportive legislation in both Europe and the U.S.

Thyssenkrupp said it will retain a stake of at least 50.2% in the business, while Industrie De Nora will have a stake of at least 25.9%.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 07, 2023 05:01 ET (09:01 GMT)

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