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A year after Formula One Group was sold in a deal valuing the race car event at $8 billion, its tire maker reportedly plans to race to a Milan public offering in a scant few weeks.

Bloomberg reported Wednesday, Sept. 13, that Italy's Pirelli & C. SpA tire maker is prepping for a Milan IPO in the first week of October, with a valuation of up to €9 billion ($10.7 billion). That price tag would make Pirelli trade comparable to its Finnish tire maker Nokian Tyres, which has a market capitalization of about €4.7 billion.

Pirelli would join Italian brake manufacturer Brembo SpA on the Milan Stock Exchange. French tire maker Michelin trades on Euronext, while Germany's Continental AG is listed in Frankfurt.

In April Pirelli said it would list its shares ahead of schedule by the end of 2017, despite initial plans to do it in the first half of next year.

Formula One was acquired for $8 billion in cash, stock and debt on Sept. 7, 2016, by John Malone's Liberty Media Corp. (FWONA) - Get Free Report from European private equity firm CVC Capital Partners, which picked it up a decade earlier. Liberty Media installed a new CEO, former Twenty-First Century Fox Inc. (FOXA) - Get Free Report executive Chase Carey, who hopes to expand the motorsport's digital reach and American audience.

For its part, Pirelli, then Milan-listed, was acquired in 2015 by China's National Chemical Corp., known as ChemChina, for nearly $8 billion, combining the company with its own tire unit. The company said in April that ChemChina plans to reduce its 65% stake to below 50% after the IPO. Italian companies Camfin SpA and LTI Holding own the rest of Pirelli.

Another recent car offering was completed in April, when Carvana Co. (CVNA) - Get Free Report listed on the New York Stock Exchange. The company priced its IPO at $15 per share, the midpoint of its anticipated range, but shares closed at $11.10 on their first day of trading. They've since risen above the IPO price and were up 0.7% to $18.18 in trading on Thursday, Sept. 14. Inc. CARS also spun off from Tegna Inc. (TGNA) - Get Free Report last summer.

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