Pirelli is planning a return to the Milan stock market that could raise as much as EUR3.3bn.

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. Pirelli's indicative price range for the IPO implies an equity value between EUR6.3bn and EUR8.3bn, the middle of which would put Pirelli's value at about the same level as when it de-listed in 2015.

Pirelli's existing owners, including its controlling shareholder China National Chemical Corporation (ChemChina), had been seeking a higher valuation according to reports.

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.

Pirelli would join Italian brake manufacturer Brembo SpA on the Milan Stock Exchange.

Pirelli was acquired in 2015 by China's National Chemical Corp., known as ChemChina, for nearly USD8bn, combining the company with its own tyre unit. The company said earlier this year that ChemChina plans to reduce its 65% stake to below 50% after the IPO.