Italy's De Nora shares fall on market debut

MILAN, June 30 (Reuters) : Shares in Italy's Industrie De Nora (DNR.MI) made a disappointing start on Thursday, falling 2.8 per cent after the group became the first major company to list on the stock market in Milan since Russia's invasion of Ukraine.
Electrode maker De Nora had priced its IPO at 13.50 euros per share, at the bottom of its price range, valuing the 2.7 billion euros ($2.9 billion).
After opening down 0.6 per cent at 13.40 euros, the shares extended losses and were down 2.8 per cent at 0920 GMT, underperforming Milan's all-share index (.FTMIB), down 2.4 per cent.
De Nora CEO Paolo Dellacha shrugged off the move.
"We very much look to the long term and are not influenced by temporary fluctuations," he told reporters at an event to mark the launch at the Milan Stock Exchange.
De Nora's listing comes when the IPO market has dried up across Europe.
The company is getting 200 million euros in fresh funds while existing shareholders including its founding family and Italian gas grid operator Snam (SRG.MI) will pocket 345 million.
Founded in 1923, the group is a leading manufacturer of electrodes for devices such as rechargeable batteries and also makes systems for water filtration and wastewater treatment as well as components to produce green hydrogen.
The Garrone Mondini family, which controls Italian energy company ERG (ERG.MI), and the family office of Ruthi Wertheimer, which specialises in minority long-term investments in advanced technology industrial firms, each pledged to invest up to 100 million euros in the IPO.