Italian industrial metals group KME Group Spa has appointed Berenberg and UniCredit SpA to arrange an initial public offering for its copper-nickel producer Cunova GmbH in Frankfurt, with a potential valuation of up to €1 billion ($1.2 billion).
The proposed listing, which could take place in 2026 or 2027, remains at an early stage and may still be revised, according to people familiar with the matter. Additional banks could join the underwriting syndicate as the process develops.
KME, which trades on the Milan bourse under the ticker BIT:KME, manufactures semi-finished copper products used in aerospace, defense, and electric mobility applications. The company reported production of more than 250,000 tons last year. Cunova GmbH operates as part of KME’s broader metals portfolio, specializing in copper-nickel alloys.
The Frankfurt listing would mark a strategic step for KME as it seeks to expand its capital markets footprint and potentially unlock value from its copper-nickel division amid elevated demand for specialty metals used in energy transition technologies.
