Spain's Euskaltel Seeks EUR1.1 Billion-EUR1.4 Billion Valuation in Listing

By Carlos Lopez Perea

MADRID--Spain's Euskaltel SA seeks a valuation of up to 1.4 billion euros ($1.59 billion) in a planned stock market listing, the cable company said Friday.

Euskaltel said it has set an initial price range for the share sale at between EUR8.7 and EUR11.05 per share, giving the company a stock market value of EUR1.1 billion at the low end of the range and EUR1.4 billion at the high end.

The firm's shareholders plan to sell 88.45 million shares in the offering, including an over-allotment given to the banks advising on the sale.

All the current owners will sell shares in the offering, though its biggest shareholder, Kutxabank SA, will hold on to 30.1% of Euskaltel. Private equity firms Investindustrial LP and Trilantic Capital Partners LP, as well as Spanish power firm Iberdrola SA, will sell all their shares.

Euskaltel is the leading operator of broadband Internet and pay television in the Basque Country.

In 2014, Euskaltel's revenue totalled EUR315.1 million and its net profit was EUR36.7 million.

Write to Carlos Lopez Perea at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires