Thyssenkrupp AG (TKAG.DE) is considering listing its hydrogen business in an initial public offering (IPO) in the first quarter of 2022, citing unidentified sources familiar with the matter.
The business, Uhde Clorine Engineers (TKUCE), could be valued at 5 billion euros ($5.7 billion), the sources said, outstripping a Credit Suisse analyst’s valuation of the company in May at around 2.8 billion euros.
Thyssenkrupp declined to comment.
A 66-34 joint venture of Thyssenkrupp and Italy’s De Nora (IPO-DENR.MI), Thyssenkrupp Uhde Chlorine Engineers (TKUCE) is the world’s largest supplier of chlor-alkali membrane technologies used to produce hydrogen.
($1 = 0.8783 euros)