Pirelli val­ued at $7.7B in IPO

The Citizens' Voice - - Business -

Tire maker Pirelli has priced its ini­tial pub­lic of­fer­ing at 6.50 euros ($7.7) per share, valu­ing the com­pany at 6.5 bil­lion euros, at the low end of the ex­pected range.

The Mi­lan-based com­pany, which had been taken over two years ago by Chi­nese own­ers, is set to re­sume trad­ing in Mi­lan next Thurs­day. The pub­lic of­fer­ing is ex­pected to raise about 2.3 bil­lion euros.

Pirelli delisted when sta­te­owned China Na­tional Chem­i­cal Corp took a 65-per­cent stake in a 7.7 bil­lion euro deal. But the Chi­nese own­ers agreed to re­duce their share to be­low 50 per­cent to launch the IPO.

Pirelli is the world’s fifth-largest tire maker.

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