Italy's Nextchem plans IPO when market recognises energy transition value

By Giancarlo Navach

MILAN, Nov 12 (Reuters) - Nextchem, the energy transition unit of Italian engineering group Maire MTCM.MI, aims to go public, its managing director said, adding the listing would happen when the parent company considers the market valuation is sufficiently high.

"We are ready to list as early as 2026, but we are not in a rush," the Nextchem executive Fabio Fritelli told Reuters in an interview.

Nextchem, which is developing technologies to decarbonise energy and industry, last month reported nine-month core earnings of 80 million euros ($93.30 million), up 31% year on year.

Based on the unit's 2025 results, Maire is eyeing a market value of around 2 billion euros, Fritelli said, well above the 1.2-billion-euro price tag that the market now attaches to Nextchem.

The gap reflects a challenging period for the energy transition sector amid political shifts in the United States, he said.

"At the moment, the market applies a multiple of around 10-12, which is low," the managing director said, referring to the multiple of core earnings which is often used to assess a company's value.

"Only when the market is ready to recognise a multiple closer to the historical sector average of 15-16 or higher will we consider an IPO."

Maire holds 82% of Nextchem, with investment fund Azzurra Capital owning 8%. Maire's main shareholder Fabrizio Di Amato and Abu Dhabi investor Yousef Al Nowais each own 5%.

To grow its business, Nextchem is working to finalise the acquisition of at least two companies in Italy by the end of this year that could be worth a total of between 100 and 150 million euros, Fritelli said.

On nuclear energy, Nextchem is partnering with small modular reactor startup newcleo. It currently holds 1.25% of newcleo, a stake which Fritelli said would eventually rise to 5%.

Newcleo said on Monday it was considering building 20 reactors in the United States, citing new investment opportunities.

"Newcleo has gone to the U.S., where it found partners with much deeper pockets. There is a risk that it will accelerate investment in the U.S. at the expense of Europe," Fritelli said.

($1 = 0.8575 euros)