Delphi is offering the shares at $22 to $24 apiece, and is seeking to sell 24.1 million ordinary shares, according to a filing with the Securities and Exchange Commission. John Paulson’s hedge fund Paulson & Co. is seeking to sell 20.6 million shares, the largest stake being offered in the company.

Delphi is moving ahead with its IPO amid the turbulence in global markets and the automobile industry that caused billionaire Wilbur Ross in September to delay the offering of his International Automotive Components Group until at least January. IPOs totaling $8.9 billion were canceled or postponed in the third quarter.

Delphi, based in Troy, Michigan, plans to begin marketing to investors this week, two people familiar with the sale said earlier. The shares will probably begin trading Nov. 17, one of the people said. The company, registered in Gillingham, U.K., had planned to sell more than $1 billion of shares, a person with knowledge of the offering said in May.

The company will have 328.2 million shares outstanding after the offering, according to the filing. At $23 a share, the midrange of the offering range, Delphi would be worth about $7.55 billion.

Overallotment Option

Underwriters also have the option to buy as many as 3.61 million additional shares from the selling shareholders at the IPO price, the filing said.

Delphi, once the largest U.S. auto-parts supplier, exited bankruptcy in October 2009. Delphi has since become more profitable, reduced its dependence on its former parent and expanded in fast-growing emerging markets.

The company has benefited from the recovery in the U.S. auto industry, highlighted by last year’s IPOs of GM and Tesla Motors Inc., the first U.S. automakers to go public in more than 50 years. Market turmoil has since driven down shares of GM 36 percent this year through Nov. 4 while Ford Motor Co. has slid 33 percent.

Delphi, which seeks to trade under the symbol “DLPH,” left bankruptcy with four classes of shares. It bought back stakes from GM and the Pension Benefit Guaranty Corp. in March. Lenders including private-equity firms Elliott Management Corp., Paulson & Co. and Silver Point Capital LP bought most of the original Delphi and still hold a controlling interest.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the offering.