September 15, 2017 / 1:17 PM / 5 days ago

Pirelli says initial public offering to run Sept. 18-28

Formula One - F1 - Russian Grand Prix - Sochi, Russia - 29/04/17 - Pirelli tyres on display in paddock area. REUTERS/Maxim Shemetov

MILAN (Reuters) - Italian tyremaker Pirelli said on Friday market watchdog Consob had approved the prospectus for its initial public offering and the share sale would run from Sept.18 to Sept. 28.

Pirelli, which plans to return to the Milan stock market next month, has said it will issue up to 350 million shares within an indicative price range of 6.30-8.30 euros each, giving it a valuation of between 6.3 billion euros ($7.5 billion) and 8.3 billion euros ($9.9 billion).

Pirelli’s existing owners, including its controlling shareholder China National Chemical Corporation (ChemChina), had originally been seeking a valuation of up to 9 billion euros, sources familiar with the matter have said.

Pirelli may also issue another 50 million shares to its bankers under an over-allotment option. If that happens, the overall stake sold into the offer would amount to 40 percent of the company’s capital.

Reporting by Silvia Aloisi

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