Maire Plans IPO for Sustainable Tech Business Valued at €2 Billion
By Alberto Chiumento and Giancarlo Navach
(Reuters) - Italian engineering company MAIRE will list its sustainable technology business when the market values it at 2 billion euros ($2.11 billion), its Chief Executive said on Tuesday after the group reported 2024 core profit in line with its guidance.
The NEXTCHEM business was valued at 1.4 billion euros in its sale of an 8% stake for about 110 million euros on Monday, which Alessandro Bernini said was well short of its true value.
"As soon as we see the market is ready to recognise its proper value, we will list the unit," Bernini said. "Sooner or later there will be an IPO."
MAIRE closed 2024 with a net profit of 212.4 million euros, a record high for the company, and proposed an increased dividend of 0.356 euro per share.
The group also forecast 2025 core profit in a range of 420 million to 455 million euros, driven mainly by orders already in the books, and a core profit margin of between 6.6% and 6.9%, up from 6.5% last year.
It also updated its 10-year business plan, forecasting revenue exceeding 11 billion euros and core profit of about 1.1 billion euros for 2034.
Shares in the company closed 13.6% down at 9.95 euros per share.
($1 = 0.9516 euros)
(Reporting by Alberto Chiumento in Gdansk; Editing by Milla Nissi and David Goodman)
