Euskaltel, the provider of telephone and broadband services in the Basque region of Spain, has said that its initial public offering valued the company at 1.2 billion euros, or about $1.3 billion.
In a news release, the company said late Monday that its offering of up to 86.9 million shares was priced at €9.50 a share. That was at the low end of its expected range of €8.70 to €11.05 a share.
Euskaltel’s shares are expected to begin trading on the Spanish stock exchanges in Barcelona, Bilbao, Madrid and Valencia on Wednesday.
Based in Derio, Spain, Euskaltel provides mobile phone, broadband, pay television and traditional telephone services to homes and businesses in the Basque region.
The company posted revenue of €315.1 million in 2014, according to its prospectus.
JPMorgan Chase and UBS acted as joint coordinators on the offering, while Rothschild served as Euskaltel’s financial adviser.
