De Nora’s brand is displayed on a smartphone on this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration
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ROME, June 30 (Reuters) – Shares in Italy’s Industrie De Nora (DNR.MI) fell greater than 2% on Thursday because the group grew to become the primary firm to checklist on Italy’s major market since Russia’s invasion of Ukraine.
Electrode maker De Nora had priced its IPO at 13.50 euros per share, on the backside of its value vary, valuing the two.7 billion euros ($2.9 billion). learn extra
After opening down 0.6% at 13.40 euros, the shares prolonged losses and have been down 2% at 0710 GMT, underperforming Milan’s all-share index , down 1.4%.
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The firm is getting 200 million euros in contemporary funds whereas present shareholders together with its founding household and Italian gasoline grid operator Snam (SRG.MI) will pocket 345 million.
Founded in 1923, the group is a number one producer of electrodes for gadgets resembling rechargeable batteries and likewise makes methods for water filtration and wastewater therapy in addition to parts to provide inexperienced hydrogen.
The Garrone Mondini household, which controls Italian power firm ERG (ERG.MI), and the household workplace of Ruthi Wertheimer, which specialises in minority long-term investments in superior know-how industrial corporations led by households and entrepreneurs, every pledged to speculate as much as 100 million euros within the IPO.
Rothschild is appearing as advisor of San Quirico, the Garrone household’s holding firm.
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Reporting by Francesco Zecchini, writing by Keith Weir, modifying by Giulia Segreti
Our Standards: The Thomson Reuters Trust Principles.
Italy’s De Nora shares fall on market debut & More Latest News Update
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