Pirelli accelerates IPO plan to Q4 this year
MILAN, April 28 Pirelli has accelerated its plans to relist on a stock exchange, pushing for an initial public offering from the fourth quarter of this year, the Italian tyremaker said on Friday.
The company had planned to list by the first half of next year.
"The decision was taken in light of the positive results achieved by the company, the implemented focus on the consumer business – which makes Pirelli the sole 'pure consumer tyre player' in the segment – and the present favorable market dynamics," it said in a statement.
The company was delisted from the Milan bourse in 2015, where its shares had traded since 1922, following a mandatory offer launched by an investment vehicle controlled by China National Chemical Corp (ChemChina).
Pirelli is expected to be re-listed in Milan or on a leading international stock exchanges, the company said. (Reporting by Agnieszka Flak; Editing Mark Bendeich)