The Spanish cable operator Euskatel has been valued at 1.2 billion in an upcoming IPO.

Quoting a statement provided by the company, Bloomberg reports that trading is expected to start on Wednesday, July 1, with shares priced at 9.50 each.

It adds that the existing shareholders, which include International Cable and Kutxabank, are selling around 64% of Euskatel, excluding a so-called over-allotment option.

Eusaltel provided services to over 870,000 households and nearly 150,000 businesses as of the end of the first quarter.