Pirelli Real Estate sets price at bottom of range

ItalyÂ's Pirelli & C. Real Estate has set its flotation price at 26 euros, the company said on Thursday, at the bottom of its 26-31.5 euro range.

In a statement, the property arm of Pirelli & C PECI.MI said the initial public offering (IPO) would raise 100.5 million euros ($96.17 million), net of commissions. At a price of 26 euros, the company said its market capitalisation was 1.055 billion euros.

Pirelli Real Estate, which is due to start trading on June 25, also said its global offering had been 20 percent oversubscribed.

(source: Reuters)

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