The CEO of electrode maker Industrie De Nora says it is “not scared” about the current market turbulence as it braves an IPO this week.
The initial public offering was priced at 13.50 euros per share on Tuesday, valuing the Italian company at 2.723 billion euros, or $2.88 billion.
“It was the right time for us, we have a great equity story, so for us … it is the beginning of a new journey, and we are not scared about the current market turbulences,” CEO Paolo Dellacha told CNBC’s Julianna Tatelbaum. “We have an industrial plan to execute.”
The company is due to start trading on the Euronext Milan on Thursday, in what will be Europe’s first major IPO since the war in Ukraine began.
It comes at a volatile time for markets, with the pan-European Eurostoxx 600 down over 14% over the year to date. Traders are reacting to both the Ukrainian conflict and its global ramifications, as well as a more aggressive rate hike policy by the U.S. Federal Reserve and other central banks around the world.
De Nora, which is based in Milan, was founded in 1923 and specializes in electrode and water treatment technologies.
