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.