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Piaggio, Pirelli Tyre Open IPOs

June 22, 2006
Filed under Uncategorized

Two major Italian companies involved in the powersports industry are floating initial public offerings on the Milan stock exchange.
Piaggio & Co. SpA is selling a 30.9 percent share of the company via an IPO that opened June 19.
Piaggio shareholders are selling 119 million shares for between Euro 2.30 and Euro 3.00 each. The sales would value the company at between Euro 886.8 million to Euro 1.16 billion ($1.12 billion to $1.46 billion).
The IPO closes July 5. Final pricing will take place July 10, and the stock market debut is slated for July 11.
Immsi SpA, the controlling shareholder led by Roberto Colaninno, increased its stake to 49 percent before the offering and intends to raise its share to between 56 percent and 58 percent by the end of the IPO.
In the second instance, Pirelli Tyre, a unit of Pirelli & C SpA, opened its IPO subscription period June 21 by offering 90 million shares at Euro 7.40 to Euro 9.00 each, representing 35 percent of capital and valuing the company at Euro 1.9 billion to Euro 2.311 billion. The subscription period ends June 30.

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