Nucera's listing could potentially become one of Europe's biggest this year and finding the right valuation is key to determine how much investors will own as part of the planned primary offering of 500 million to 600 million euros in new shares.

A valuation of 3 billion euros could give new investors a stake of 17%-20% and leave Thyssenkrupp with a comfortable majority, in line with the German group's target to remain a majority shareholder of Nucera.

Nucera is a 66:34 joint venture of Thyssenkrupp and Italy's De Nora. Sources previously told Reuters that Nucera could be valued at up to 5 billion euros in a listing.

In a research note, JP Morgan said it saw "modest value unlock potential" for Thyssenkrupp shareholders as part of the listing. Thyssenkrupp is expected to sell some of its Nucera shares as part of the IPO in a secondary offering.

($1 = 0.9253 euros)

(Reporting by Christoph Steitz; Editing by Madeline Chambers)