Pirelli said to be seeking equity valuation similar to rival Nokian Renkaat
Milan/London — Pirelli, the tyre maker that supplies Formula 1 race cars, is seeking an equity valuation of as much as €9bn in its initial public offering (IPO), implying a trading multiple in line with Finnish peer Nokian Renkaat, people familiar with the matter said. The Italian company will present details of its IPO, including a price range, as early as this week and plans to begin trading in Milan in the first week of October, said the people, who asked not to be identified as the details were private. The company has received strong demand from investors and is in talks with larger funds interested in becoming anchor investors for the deal, they said. If it achieves a similar value to Nokian, Pirelli could become the largest IPO in Europe in 2017, potentially surpassing the €3bn sale of Allied Irish Banks shares in May. Pirelli has said it is planning to sell a 40% stake in the listing in October. Nokian trades at an enterprise value, which includes debt, of about 11.3-times e...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.