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Italy's Pirelli expected to price IPO at 6.5 eur/shr - source
September 28, 2017 / 11:52 AM / 2 months ago

Italy's Pirelli expected to price IPO at 6.5 eur/shr - source

MILAN, Sept 28 (Reuters) - Italian tyremaker Pirelli is expected to price its initial public offering (IPO) at 6.5 euros per share, at the lower end of an already narrowed range, a source familiar with the matter said on Thursday.

Books for the share sale are due to close at 1200 GMT.

On Wednesday, Pirelli narrowed the price range to between 6.5-6.7 euros per share from an initial guidance of between 6.3-8.3 euros.

At 6.5 euros per share, Pirelli, which is offering up to 40 percent of its capital, would raise up to 2.6 billion euros ($3.06 billion) through the IPO, including the greenshoe option.

Established in 1872 and one of Italy’s best-known corporate names, Pirelli - which was taken over by China National Chemical Corp (ChemChina) in 2015 - is expected to return to the Milan stock exchange on Oct. 4. ($1 = 0.8495 euros) (Reporting by Elisa Anzolin, writing by Agnieszka Flak)

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