AP Moller and Norlys could exit the hydrogen production technology developer in a Nasdaq Copenhagen offering expected to raise $164m.

Green Hydrogen Systems (GHS), a Denmark-based hydrogen production technology developer backed by shipping group AP Moller and energy utility Norlys Holding, plans to raise DKK1bn ($164m) in an initial public offering.

The company announced last week it intends to list its shares on the Nasdaq Copenhagen market. New and existing investors have signalled their intention to subscribe for approximately $108m of shares in the IPO at a pre-money valuation of about $328m.

Pension fund ATP has agreed to subscribe to…