Spanish regional cable operator Euskaltel, operating in the Basque Country, has set a price range of EUR8.70 to EUR11.05 per share for its upcoming IPO.

The Bsque operator will sell a maximum 63.5% of its share capital, valuing the company at between EUR1.1 billion to EUR1.4 billion. Current shareholders Trilantic Capital Partners and Investindustrial will sell all their shares, while Kutxabank will see its share go down from the current 49,9% to anywhere between 30% and 32%, depending on the uptake of the companyís shares. Staff and management will also become small shareholders in the operator.

Trilantic and Investindustrial acquired 48.1% in Euskaltel in December 2012, when the company was valued at EUR475 million.

Spainís market regulator CNMV has approved the accompanying prospectus and, if all goes to plan, Euskaltel shares should start trading on the Madrid stock exchange on July 1.