Italy's De Nora shares fall on market debut (updated)
30/06/2022 08:20
(Updates share price, Adds details)
ROME, June 30 (Reuters) - Shares in Italy's Industrie De
Nora DENR.MI fell more than 2% on Thursday as the group became
the first company to list on Italy's main market since Russia's
invasion of Ukraine.
Electrode maker De Nora had priced its IPO at 13.50 euros
per share, at the bottom of its price range, valuing the 2.7
billion euros ($2.9 billion). urn:newsml:reuters.com:*:nL8N2YG2JG
After opening down 0.6% at 13.40 euros, the shares extended
losses and were down 2% at 0710 GMT, underperforming Milan's
all-share index FTMIB , down 1.4%.
The company is getting 200 million euros in fresh funds
while existing shareholders including its founding family and
Italian gas grid operator Snam SRG.MI will pocket 345 million.
Founded in 1923, the group is a leading manufacturer of
electrodes for devices such as rechargeable batteries and also
makes systems for water filtration and wastewater treatment as
well as components to produce green hydrogen.
The Garrone Mondini family, which controls Italian energy
company ERG ERG.MI , and the family office of Ruthi Wertheimer,
which specialises in minority long-term investments in advanced
technology industrial firms led by families and entrepreneurs,
each pledged to invest up to 100 million euros in the IPO.
Rothschild is acting as advisor of San Quirico, the Garrone
family's holding company.
(Reporting by Francesco Zecchini, writing by Keith Weir,
editing by Giulia Segreti)
((Giulia.Segreti@tr.com; +39.06.80307714;))