Shares in alkaline electrolyser maker Thyssenkrupp Nucera have risen 20% in their first day of trading, following this morning’s initial public offering (IPO).

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The German company — a joint venture between German steelmaker Thyssenkrupp and Italian industrial group De Nora — had offered shares at an issue price of €20, but they immediately began trading at €20.20, and rose fairly steady throughout the day, peaking at €24.60, before falling slightly to €24.00 at the time of publication of this article — a 20% increase on the asking price.

This means that the market capitalisation of the company rose from €2.53bn first thing this morning to €3.03bn by 6.30pm local time.

Thyssenkrupp and De Nora retain a 50.2% and 25.9% stake in the company, respectively.

It was confirmed yesterday that French bank BNP Paribas and a subsidiary of the Saudi sovereign wealth fund, PIF, had committed to buy around a third of the total shares on offer.

The €526m gross proceeds from the IPO will go to Thyssenkrupp Nucera to build up its business, as it seeks to deliver on its order backlog, which is estimated to be worth €1.4bn.

“The IPO is the start of an exciting new phase in our company history,” said Werner Ponikwar, CEO of Thyssenkrupp Nucera.

“As a publicly listed company, we are well on our way to becoming one of the leading green hydrogen companies, boosting our presence and our reputation nationally and also internationally,” he added, noting that the IPO gives the company “increased financial flexibility and the ability to further support and develop our business”.