Reports: Pirelli IPO set for October

Pirelli is set sell up to 40 per cent of its equity capital in an initial public offering (IPO) on the Milan stock exchange in October.

And what’s more the reports, based on a Banca IMI analysis seen by Reuters, value Pirelli at between 7.6 billion and 8.7 billion euros (US$9 billion – $10.4 billion). This equates significantly more than the 7.3 billion euros of capitalisation Pirelli had before its industrial unit was spun off into Prometeon earlier this year.