IPO Nora at a price of 13.50 euros per share; valuation $2.8 billion

De Nora was founded in 1923 and specializes in electrodes and water treatment technologies.

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The CEO of electrode maker Industrie De Nora says he is “not intimidated” by the current market turmoil as the company prepares for an IPO this week.

The initial public offering was carried out on Tuesday at a price of 13.50 euros per share, valuing the Italian company at 2.723 billion euros, or $2.88 billion.

“It was the right time for us, we have a great stock history, so for us… this is the start of a new path and we are not afraid of the current market turmoil,” CEO Paolo Dellacha. This was reported by CNBC correspondent Julianna Tatelbaum. “We have an industrial plan to execute.”

The company is due to begin trading on Euronext Milan on Thursday, in what would be the first major IPO in Europe since the start of the war in Ukraine.

This comes at a volatile time for markets, with pan-European Eurostock 600 decreased by more than 14% compared to last year. Traders are responding to both the Ukrainian conflict and its global implications, as well as more aggressive rate hike policy the US Federal Reserve and other central banks around the world.

De Nora, based in Milan, was founded in 1923 and specializes in electrodes and water treatment technologies.