Pirelli Tyre Holding, the tyre-manufacturing subsidiary beset by delays to its plans for an initial public offering, is set to raise as much as €900m ($1.1bn) when it lists.

The Milan-based company is set to sell up to 100 million shares at €7.40 to €9 each, after receiving approval from the Italian regulator Consob to go ahead with the listing, reports Bloomberg. The deal, equal to 39% of the company, is set to value the spin-off at up to €2.3bn.