×

CORRECTED-Tyremaker Pirelli says to raise up to 3.3 bln euros in IPO

(Corrects to make clear Pirelli issued price range in a statement, not prospectus)

MILAN, Sept 14 (Reuters) - Italian tyremaker Pirelli unveiled plans on Thursday to raise as much as 3.3 billion euros ($3.9 billion) on its return to Milan's stock market next month, in a public offer that values the company at less than it had originally hoped for.

Pirelli said in a statement it would issue up to 350 million shares within an indicative price range of 6.30-8.30 euros each, giving it a valuation between 6.3 billion and 8.3 billion euros.

Pirelli's existing owners, including its controlling shareholder China National Chemical Corporation (ChemChina), had been seeking a valuation of up to 9 billion euros before, sources familiar with the matter said.

Pirelli may also issue another 50 million shares to its bankers under an over-allotment option. If that happens, the total stake sold into the offer would amount to 40 percent.

($1 = 0.8420 euros) (Reporting by Francesca Landini; Editing by Mark Bendeich)