MILAN : Italy's De Nora family will be relieved that the electrode manufacturer managed to make it on to the Milan Stock Exchange on Thursday after previous attempts to list businesses were thwarted by external crises.
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 .The listing price is more than double the level in November 2020, when Italian gas grid operator Snam bought a 33 per cent stake from U.S. fund Blackstone in a deal that valued the group at 1.2 billion euros, including debt.
Both John Elkann, scion of the Agnelli family, and Nicola Bulgari, grandson of the luxury's brand founder, trail De Nora in this standing. 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 as well as components to produce green hydrogen.
"Foreign countries including Australia and Saudi Arabia have shown a great interest in the hydrogen business," De Nora added.