(Bloomberg) — Industrie De Nora SpA, an Italian maker of components for green hydrogen production, is planning to list shares on the Milan Stock Exchange next year.
“We are seriously evaluating an initial public offering in the near future,” Chief Executive Officer Paolo Dellacha said in an interview. “We are upbeat about 2022, but need to assess market evolution.”
De Nora sees revenue for 2021 at more than 600 million euros ($677 million) with margin for earnings before interest, taxes, depreciation and amortization of about 20%.
Industrie De Nora, founded in Milan in 1923 as a producer of chemicals, makes electrodes for electronic devices as well as electrolyzers for production of hydrogen from renewable energy — so-called green hydrogen. It has more than 1,650 employees and 24 locations worldwide.
Natural gas infrastructure group Snam SpA owns a 35% stake in the company which is controlled by the founding family. De Nora family plans to retain control after the listing and Snam is a long term investor in the business.
De Nora expects the hydrogen business to take off in coming years. “We will need to scale up our size and grant access to capital markets” to prepare for that growth, the CEO said.
The executive did not rule out either ESG bonds or growing via acquisition in the future.
In 2013 De Nora set up the Uhde Chlorine Engineers joint venture with Thyssenkrupp Industrial Solutions. Thyssenkrupp AG is pushing ahead with plans for an initial public offering of the unit, Bloomberg reported earlier this month.