Slovakia has launched an IPO for a 49% stake in the incumbent Slovak Telekom, with the aim of raising up to €1 billion from the sale.

According to Reuters, the price range for the offering has been set at €17.7-23.6 per share, valuing the company at between €1.5 billion and €2 billion.

The stake will be listed on both the Bratislava and London Stock Exchanges, with shares also traded on the Prague Stock Exchange.

The offer for institutional investors started on April 21 and will close on May 6, while it will begin for retail investors on April 22.

Slovak Telekom, which is a key player in the country’s TV industry, is currently majority (51%) owned by Deutsche Telekom.

The German telco has no intention of selling its stake in the company.