FRANKFURTLONDON, July 7 Reuters Shares in hydrogen firm Thyssenkrupp Nucera rose on their Frankfurt market debut on Friday after completing Germany39;s largest initial public offering IPO so far this year, in an encouraging sign for Europe39;s capital markets.

The shares were last trading at 20.98 euros 22.80, up from the 20 euros paid by investors in the IPO.

Nucera is a joint venture between Germany39;s Thyssenkrupp and Italy39;s De Nora.

The IPO is the start of an exciting new phase in our company39;s history, Nucera CEO Werner Ponikwar said during the opening ceremony at the Frankfurt Stock Exchange, adding that the firm would accelerate the adoption of green hydrogen.

Nucera39;s IPO is Germany39;s largest this year after web hosting firm IONOS listed its shares in February.

It is also part of a wave of companies in Europe rushing to list before the summer lull in what bankers hope will herald a stronger market recovery in the months ahead.

Unlike most recent European IPOs, Nucera is seeing its shares hold up in secondary trading, suggesting investor appetite for new issues may be coming back after rocketing interest rates all but froze the market last year.

Energy transition has been a theme in many recent IPOs, including those of EuroGroup Laminations in Italy and Hidroelectrica in Romania.

While the company still needs to reach profitability, investors bought into the company39;s technology and strong growth prospects for its green hydrogen business,…