Milan, Italy – Marco Polo International Italy SpA and Pirelli & C. SpA have completed their global offering of Pirelli shares aimed at listing them on the Mercato Telematico Azionario stock exchange.
Upon completion of the global offering, Pirelli said the capitalization of the firm, calculated on the base offer price, will be about $7.64 billion (€6.5 billion). Pirelli also will hold about 650 million shares, equal to 65% of the total share capital.
The firm said in a 3 Oct news release that the global offering ended on 28 Sept and received applications for an aggregate of about 824.3 million shares.
About 400 million shares were allocated at about $7.64 per share. Of those shares, about 350 million were derived from those offered by the selling shareholder and about 50 million from the exercise of the over-allotment option granted by the selling shareholder in the context of the institutional offering.
The first day of trading on the Mercato Telematico Azionario was 4 Oct.
Within the institutional offering, Pirelli said applications were received for about 775.3 million shares from qualified investors in Italy and institutional investors abroad.
Within the Italian public offering, applications were received for about 48.9 million shares from retail investors.
Pirelli said the aggregate demand of 824.3 million shares has been equal to about 2.35 times the maximum amount of the global offering.
The move is the latest in China National Chemical Corp.'s restructuring of Pirelli in light of its 2015 acquisition.
The firm utilised Marco Polo International as an investment vehicle designed to facilitate the acquisition. The company holds a 65% stake in Marco Polo with Cam Finanziaria SpA holding 22.4% and Long Term Investment at 12.6%, according to Pirelli.
ChemChina also combined Pirelli's truck and farm tire assets with its own Aeolus subsidiary to form Prometeon Tyre Group Srl, which is estimated to have sales of about $3 billion.