(Bloomberg) -- Calvera is testing investor appetite for an initial public offering that could raise as much as €150 million ($149 million), according to people familiar with the matter. 

The Spanish hydrogen solutions specialist has appointed Banco Santander SA as sole global coordinator of the planned offering, the people said, asking not to be identified discussing confidential information.

Deliberations are ongoing and no final decision on the size or timing of the IPO have been taken, according to the people. A spokesperson for Santander declined to comment, while a representative for Calvera didn’t immediately provide comment.

More listings would be welcome in a market that has seen several stalled deals in recent years. There have been no major debuts in Spain since that of Acciona SA’s clean-energy unit in 2021, and only one company, Opdenergy Holdings SA, has raised more than $100 million in a listing on the local exchange this year.

To be sure, IPO activity across the globe has been subdued as investor flee equities on the back of increasing inflation, higher interest rates and the threat of a global recession. 

Calvera is betting on heightened demand for renewable energy assets. The company, which has two manufacturing facilities in Zaragoza, Spain, makes transport, storage and dispensing equipment for high-pressure compressed gases.

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