(Reuters) -Thyssenkrupp and Industrie De Nora on Friday set the price range for the initial public offering (IPO) of their joint venture Thyssenkrupp Nucera below the expected value.
Up to 30.3 million shares in Nucera will be offered to investors at a price between 19 euros ($20.76) and 21.50 euros, corresponding to a stock market value of between 2.4 and 2.7 billion euros, the hydrogen unit said.
People familiar with the matter had told Reuters earlier this week that Nucera was expected to be valued at more than 3 billion euros.
Nucera said the offer period is expected to run from June 26 to July 5, with the first day of trading scheduled for July 7.
Gross proceeds of the sale of new shares are expected to reach between 500 and 566 million euros, it said.
The fund subsidiary of BNP Paribas and the Saudi Arabian sovereign wealth fund PIF have committed to subscribe to Nucera shares as cornerstone investors, it added.
($1 = 0.9152 euros)
(Reporting by Anna Mackenzie, editing by Kirsti Knolle and Christina Fincher)
