Italy’s Pirelli expected to price IPO at 6.5 euros a share – source

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Books for the share sale were due to close at 1200 GMT.

At 6.5 euros per share, Pirelli, which is offering up to 40 percent of its shares, would be valued at 6.5 billion euros (5.72 billion pounds)- well below a maximum valuation of 8.3 billion euros initially targeted when the offer opened last week.

Established in 1872 and one of Italy’s best-known corporate names, Pirelli is expected to return to the Milan stock exchange on Oct. 4 in one of the biggest IPOs in Europe this year.

Read the source article at Stock Market Quotes and News