Pirelli eyes October IPO as markets remain buoyant
September 05, 2017
China National Chemical-owned tyre manufacturer Pirelli has applied to list up to 40% of its share capital on the Borsa Italiana. CNC bought the company for $7.7 billion in 2015 and is expected to float the shares in October.
Pirelli was reportedly planning an IPO in the first half of 2018, but moved the plans forward due to the current buoyant market environment. Last year, Europe surpassed the US as the most common place for flotations, and is on track to maintain its lead in 2017. High profile listings on the continent so far this year include Alfa Financial's £975 million debut in the UK, as well as June's €1 billion offering by Delivery Hero in Germany.