September 20, 2017 / 3:33 PM / a year ago

Pirelli's IPO books covered on base deal size: bank memo

MILAN (Reuters) - Demand for the initial public offering of Italian tyremaker Pirelli PPAMF.PK has reached an amount sufficient to cover the base size of the offer on the third day of the share sale, a memo sent by banks to investors said on Wednesday.

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

State owned China National Chemical Corp (ChemChina) took over Pirelli two years ago by taking a 65 percent stake in the holding company controlling the maker of Ferrari racing tyres, which was then de-listed from the Milan bourse.

The world’s fifth-largest tyremaker is now coming back on the Milan stock exchange with an IPO of up to 40 percent of its capital. The share offer started on Monday and will end on Sept. 28.

Reporting by Elisa Anzolin; writing by Francesca Landini

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