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UPDATE 3-Italy's De Nora to brave volatile markets with June IPO

·2 min read

* Italy's De Nora says it plans to list in June

* Aims for valuation of 4.7-4.8 bln euros - sources

* De Nora bets on investor interest in green energy (Adds sources on potential valuation)

By Valentina Za and Francesca Landini

MILAN, June 6 (Reuters) - Industrie De Nora confirmed on Monday it plans to list in Milan this month and two sources said it was aiming for a valuation of up to 4.8 billion euros ($5.1 billion) including debt, on the back of interest in its role in the green energy transition.

The Italian company founded in 1923 makes components to produce green hydrogen, is a leading manufacturer of electrodes for electrochemical devices such as rechargeable batteries and makes systems for water filtration and waste water treatment.

Reuters reported on Sunday it planned to list a minority stake in Milan in June and De Nora said on Monday the offering would consist of new shares and existing shares held by the De Nora family and Italian gas grid operator Snam.

The global market for initial public offerings (IPOs) has suffered a major setback due of the Ukraine war and its implications of slower economic growth, higher inflation and rising interest rates.

Consultancy EY has calculated that IPO proceeds in Europe, the Middle East, India and Africa in the first quarter fell by 68% from last year as many candidates shelved their listing plans until there is more clarity on the economic outlook.

De Nora's flotation would be the first major IPO in Milan since Russia invaded Ukraine on Feb. 24.

"On the eve of our 100 year anniversary, the IPO marks a new chapter in our history," Chief Executive Paolo Dellacha said.

Speaking on condition of anonymity because deliberations are not public, the two sources said De Nora could be valued at up to 4.7 billion to 4.8 billion euros, in line with figures provided by analysts at the banks managing the IPO.

The company reported revenue of 616 million euros in 2021 with a core profit of 127 million euros.

The Milan-based company said it would disclose the number of shares to be sold closer to the launch and that the stake on offer to investors would be above the regulatory minimum of 25% of its capital, including a so-called overallotment option.

De Nora said Credit Suisse and Goldman Sachs would act as joint global coordinators as well as joint bookrunners along with BofA Securities, Mediobanca and UniCredit .

Latham & Watkins is De Nora's legal adviser while Clifford Chance is advising the global coordinators and bookrunners. ($1 = 0.9349 euros) (Additional reporting by Federico Maccioni; Editing by Jason Neely, Louise Heavens and David Clarke)