De Nora IPO at 13.50 euros/share; $2.8 billion valuation
De Nora was founded in 1923 specializing in electrode technology and water treatment.
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The CEO of electrode maker Industrie De Nora says it is “fearless” about the current market turmoil as it conducts its IPO this week.
The initial public offering was valued at 13.50 euros per share on Tuesday, valuing the Italian company at 2.723 billion euros, or 2.88 billion dollars.
“It’s the right time for us, we have a great stock story, so for us… it’s the start of a new journey and we’re not scared of the waves. current market wind”, CEO Paolo Dellacha told CNBC’s Julianna Tatelbaum. “We have an industry plan to execute.”
The company will begin trading on Euronext Milan on Thursday, which will be the first major European IPO since the war in Ukraine began.
It comes at a tumultuous time for markets, with European countries Eurostoxx 600 yen down 14% from last year. Traders are reacting to both the Ukraine conflict and its global ramifications, as well as more aggressive policy of increasing interest rates of the US Federal Reserve and other central banks around the world.
De Nora, based in Milan, was founded in 1923 and specializes in electrode technology and water treatment.