China’s Aeolus Tyre Co. Ltd. is seeking to raise $840 million through a public share offering to cover the cost of acquiring a 90 percent stake in Prometeon Tyre Group—Pirelli & C. S.p.A.’s commercial tyre unit—and other industrial tyre assets.

Aeolus is set to become China’s largest commercial tyre maker—and potentially the world’s fourth largest—with annual capacity for truck, bus, farm and industrial tyres of 18 million units and nearly $3 billion in annual revenue, according to reports.

Aeolus owns 10 per cent of Prometeon, and the remaining 90 percent is valued at $680 million.