MILAN, Oct 4 (Reuters) - Shares in Italy’s Pirelli fell more than 3 percent on the tyremaker’s return to the Milan bourse, from which it was absent for two years following a takeover led by China National Chemical Corp (ChemChina).
Pirelli priced its initial public offering at 6.5 euros per share, valuing the maker of tyres for Formula One racing teams and upmarket brands such as BMW, Audi and Mercedes at 6.5 billion euros ($7.65 billion).
That price was at the lower end of an initial range of between 6.3-8.3 euros per share.
A trader said the stock was “still valued too high, so people are selling”.
The stock was down 2.2 percent at 6.36 euros per share by 0708 GMT. (Reporting by Agnieszka Flak, Elisa Anzolin and Giancarlo Navach)