Fissato l’intervallo di valorizzazione indicativa per le azioni ordinarie di Industrie De Nora S.P.A.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR ANY COUNTRY WHERE IT IS UNLAWFUL TO DO SO.

This announcement is an advertisement and not a prospectus and not an offer of securities for sale in or into the United States, Canada, Japan or Australia, or any other jurisdiction where it is unlawful to do so.
 

Milano, 20 giugno 2022 – Industrie De Nora S.p.A. (la “Società”), ha individuato un intervallo di valorizzazione indicativa delle azioni ordinarie della Società (le “Azioni”) pari a un minimo di Euro 13,50 per Azione e ad un massimo di Euro 16,50 per Azione e corrispondente a una capitalizzazione post Aumento di Capitale (come di seguito definito) compresa tra Euro 2.723 milioni e Euro 3.283 milioni.

SQ Invest S.p.A., società di investimenti interamente posseduta da San Quirico S.p.A., holding di partecipazioni della famiglia Garrone Mondini e controllante di ERG S.p.A., società leader nel settore delle energie rinnovabili quotata su Euronext Milan, si è impegnata ad agire come Cornerstone Investor nell’ambito dell’Offerta.

SQ Invest S.p.A. e 7-Industries Holding B.V., family office di Ruthi Wertheimer, specializzato in investimenti di minoranza a lungo termine in aziende industriali a tecnologia avanzata guidate da famiglie e imprenditori, (congiuntamente i “Cornerstone Investors”) si sono dunque impegnati, subordinatamente al verificarsi di determinate condizioni sospensive, a effettuare nell’ambito del Collocamento Istituzionale ordini vincolanti per la sottoscrizione e/o l’acquisto di Azioni per un importo massimo pari a Euro 100 milioni per ciascun Cornerstone Investor a un prezzo unitario corrispondente al Prezzo di Offerta. Sulla base di un Prezzo di Offerta pari al punto medio dell'Intervallo di Valorizzazione Indicativa, il numero totale di Azioni dell'Offerta acquistate dai Cornerstone Investors sarebbe di circa n. 13.333.333 Azioni oggetto dell'Offerta, che rappresentano circa il 38,3% delle Azioni oggetto dell'Offerta, assumendo che l'opzione di sovra-allocazione non venga esercitata. Il Dottor Alessandro Garrone sarà nominato amministratore indipendente della Società con effetto dalla data di quotazione e subordinatamente all'investimento, ai sensi del cornerstone agreement.

Il flottante richiesto ai fini dell’ammissione alle negoziazioni delle Azioni sarà ottenuto attraverso un collocamento privato, riservato esclusivamente ad investitori qualificati in Italia ed investitori istituzionali esteri (gli “Investitori Istituzionali”), che avrà luogo in Italia e all’estero, al di fuori degli Stati Uniti d’America, ai sensi della Regulation S dello United States Securities Act del 1933, come successivamente modificato, e negli Stati Uniti d’America, limitatamente ai Qualified Institutional Buyers, ai sensi della Rule 144A dello United States Securities Act del 1933, come successivamente modificato, salvo che nei limiti consentiti dalle leggi e dai regolamenti del Paese interessato. Non sarà prevista alcuna offerta al pubblico indistinto in Italia e/o in qualsiasi altro Paese.

Il prezzo di offerta delle Azioni sarà determinato dagli Azionisti Venditori e dalla Società sentiti i Joint Global Coordinators, secondo un processo di bookbuilding, tenendo conto delle condizioni del mercato mobiliare domestico e internazionale, della quantità e qualità delle manifestazioni di interesse ricevute dagli investitori istituzionali nell’ambito dell’Offerta, dei risultati raggiunti dalla Società e delle sue prospettive. Il prezzo di offerta potrà essere fissato all’interno, al di sotto o al di sopra dell’intervallo di valorizzazione e sarà reso noto mediante pubblicazione sul sito internet della Società www.denora.com entro 5 (cinque) giorni lavorativi dal termine del periodo di Offerta, che è previsto inizi in data 22 giugno e termini entro la fine di giugno, salvo proroga o chiusura anticipata. Il periodo di offerta può essere abbreviato, prolungato o sospeso. 

L’Offerta, finalizzata all’ammissione alle negoziazioni delle Azioni della Società su Euronext Milan, avrà per oggetto massime n. 35.075.683 Azioni dell’Emittente, corrispondenti a circa il 17,4% del capitale sociale dell’Emittente post Aumento di Capitale. 

Le Azioni oggetto di Offerta da riservarsi alla sottoscrizione da parte di Investitori Istituzionali saranno (i) in parte, per massime n. 14.814.815 Azioni, rinvenienti dall’aumento di capitale sociale a pagamento in via scindibile (l’“Aumento di Capitale”); e (ii) in parte, per complessive massime n. 20.260.868 Azioni, poste in vendita da Federico De Nora S.p.A. e Norfin S.p.A. e Snam S.p.A., attraverso la società Asset Company 10 S.r.l. (le “Azioni poste in vendita dagli Azionisti Venditori” e insieme alle azioni rinvenienti dall’Aumento di Capitale, le “Azioni oggetto di Offerta”).

Gli Azionisti Venditori hanno accordato a Credit Suisse, in qualità di stabilising manager, una opzione per l’acquisto di un massimo di n. 5.261.352 Azioni aggiuntive (le “Azioni in sovra-allocazione”), pari al 15,0% delle Azioni oggetto di Offerta (l’“Opzione di Over Allotment”). Il numero finale di Azioni oggetto di Offerta e di Azioni in sovra-allocazione dipenderà dal prezzo finale di offerta.

Si prevede che la Società e gli Azionisti Venditori stipulino con i Joint Global Coordinators i consueti accordi di lock-up (come definiti di seguito), che limitano la loro capacità di emettere, vendere o trasferire Azioni per un periodo rispettivamente di 365 e 180 giorni, fatte salve alcune consuete esclusioni e possibili rinunce da parte dei Joint Global Coordinators. Si prevede altresì che alcuni amministratori e dirigenti della Società stipulino con i Joint Global Coordinators accordi di lock-up usuali per operazioni analoghe. 

L’inizio delle negoziazioni delle Azioni della Società su Euronext Milan sarà stabilito da Borsa Italiana subordinatamente al rilascio da parte di CONSOB dell’approvazione del Prospetto Informativo e alla verifica degli ulteriori requisiti di diffusione delle Azioni stabiliti da Borsa Italiana.

Nell’ambito dell’Offerta, Credit Suisse e Goldman Sachs International agiscono in qualità di joint global coordinators e joint bookrunners, BofA Securities, Mediobanca e UniCredit in qualità di joint bookrunners. Mediobanca agisce inoltre in qualità di sponsor ai fini dell’ammissione a quotazione delle Azioni. Latham & Watkins agisce in qualità di advisor legale della Società, mentre Clifford Chance è l’advisor legale dei joint global coordinators e joint bookrunners.

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Industrie De Nora è una multinazionale italiana, specializzata in elettrochimica, leader nelle tecnologie sostenibili e con un ruolo fondamentale nella filiera della produzione industriale dell’idrogeno verde. La Società ha un portafoglio di prodotti e sistemi per ottimizzare l’efficienza energetica dei principali processi elettrochimici industriali e una gamma di prodotti e soluzioni per il trattamento delle acque. A livello globale, Industrie De Nora è il più grande fornitore al mondo di elettrodi attivati (servendo un ampio portafoglio di clienti che operano nei settori della produzione di cloro & soda caustica, di componenti per l’elettronica, nella raffinazione dei metalli non ferrosi). Industrie De Nora è inoltre tra i principali fornitori di tecnologie di filtrazione e disinfezione delle acque (per i settori industriali, municipali e marittimo) e primo fornitore al mondo di componenti per la disinfezione delle piscine. Facendo leva sulle consolidate conoscenze elettrochimiche, sulla sua provata capacità produttiva e su una supply chain consolidata negli anni, la Società ha sviluppato e qualificato un portafoglio di elettrodi e componenti per la produzione dell’idrogeno mediante l’elettrolisi dell’acqua, fondamentale per la transizione energetica. 
Fondata nel 1923, Industrie De Nora ha realizzato nel 2021 ricavi totali per 616 milioni di euro e un EBITDA di 127 milioni di euro. Il processo di crescita dell’azienda si è sviluppato sia in maniera organica, grazie alla continua penetrazione di nuovi mercati e di nuove applicazioni, sia attraverso acquisizioni negli USA, in Asia e in Europa. La crescita è sostenuta dalla continua innovazione ben rappresentata dal proprio portafoglio di proprietà intellettuale in continua evoluzione che comprende attualmente oltre 260 famiglie di brevetti con più di 2.600 estensioni territoriali. La società ha in portafoglio una partecipazione importante (circa il 34%) nella joint venture thyssenkrupp NUCERA, società di ingegneria leader mondiale nella realizzazione di impianti per la produzione di cloro e per l’elettrolisi dell’acqua per produrre idrogeno. Il Gruppo è controllato dalla famiglia De Nora (circa il 64% delle azioni), con Snam S.p.A. come socio di minoranza con circa il 36% del capitale.

Barabino & Partners
Media Relations
Office: +39 02/72.02.35.35
Giovanni Vantaggi – g.vantaggi@barabino.it 328 83 17 379
Sabrina Ragone – s.ragone@barabino.it 338 25 19 534 
Francesco Faenza – f.faenza@barabino.it 345 83 16 045
Alberto Piana – a.piana@barabino.it  342 76 70 164

 
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No representation or warranty, express or implied, is made by any of the banks acting as joint global coordinators or joint bookrunners in the context of the potential initial public offering (the “Managers”), or any of their respective affiliates, directors, officers, employees, advisers or agents as to the accuracy or completeness or verification of the information contained in this announcement (or whether any information has been omitted therefrom), and nothing contained herein is, or shall be relied upon as, a promise or representation by the Managers in this respect, whether as to the past or future. The information in this announcement is subject to change. 
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In connection with the Offering, the Managers and any of their affiliates may take up a portion of the shares in the Offering as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such shares and other securities of the Company or related investments in connection with the Offering or otherwise.  Accordingly, references in the Prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the Managers and any of their affiliates acting in such capacity.  In addition, the Managers and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the Managers and any of their affiliates may from time to time acquire, hold or dispose of shares. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.