“Nobody is in a hurry to sell,” said Marco Tronchetti Provera, ceo of Pirelli, the Italian manufacturer of tires. In other words, the historical shareholders of the Italian manufacturer of tyres will not take advantage of the ipo to get out of the capital. Pirelli, who had left the odds in 2015 after a TAKEOVER bid led by ChemChina via the holding company, Marco Polo, could become the largest ipo of the year in Europe, with 3.3 billion euros raised.
The first listing is scheduled for 4 October, and the price will be definitively fixed on the 29th of September. For the moment, the group is simply to indicate that it intends to introduce between 35% and 40% of its share capital with a price range of 6.3 to 8.3 euros per share.
No shareholder will not sell
Neither the oil group Russian Rosneft, or the holding company of Italian Camfin have indicated that they would change position in the capital of Marco Polo (which holds 100% of Pirelli). Thus, Rosneft will see its share decline to between 5 and 6.6% of the share capital. It is also held by a lock-up (non-assignment) of 180 days after the transfer. For its part, the consortium led by Camfin accompanied banks Unicredit, Intesa Sanpaolo, will see participation from 22% to 10%-12%, according to the results of the operation.
For its part, ChemChina announced it would leave its share to be diluted. The group of chemistry chinese, who had bought 65% of the capital two years ago, might as well pass under the bar of the 47% of the units.
The price range represents about 11.3 to 14.9 times income 2018 estimated Pirelli, a multiple greater than those of their competitors Michelin and Continental – of the order of 11 – but lower than that of the Finnish Nokian, the winter tires top of the line and the financial position positive provide a high ratio of 15.7.
Pirelli is also positioning itself as a pneumaticien top-of-the-range with its tires for sport cars sold on Audi, BMW, Mercedes, or even Jaguar. The company had planned to come back in Stock in the first half of 2018, but its positive results and favorable market conditions led it to accelerate the process.