Pirelli’s IPO could be the largest in EMEA this year
Pirelli, the Italian tyre maker, has revealed the price range for its IPO in Milan, which could surpass the €3bn flotation of Allied Irish Banks in June as the biggest IPO in Europe this year - if the deal is priced near the top of the range and the greenshoe is exercised.
The deal consists of 350m existing shares, a 35% stake, plus a greenshoe of 50m shares.
Marco Polo International Italy, a vehicle 65% owned by China National Chemical Corp (ChemChina), is the selling shareholder. There is a retail offer in Italy for 10% of the base deal.
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