Italian tyremaker Pirelli’s initial public offering will value the company at €6.5bn, at the low end of company expectations, in a deal that will be one of Europe’s largest floats this year.
Two years after the company was taken private in a deal involving ChemChina and chief executive Marco Tronchetti Provera, Pirelli said it had priced its return to the market in Milan at €6.50 per share. The company, which is planning to list up to 40 per cent of its shares, will raise as much as €2.6bn from the IPO.
The stock will start trading on October 4.
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