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Euskaltel sets price for stock market debut

Basque Region cable operator Euskaltel will begin trading on the Spanish stock market tomorrow with an price of €9.50 a share, in the middle of its indicative range of between €8.70 and €11.05.

The company is selling 126.5 million shares, giving it a market value of €1.202 billion. Existing shareholders Kutxaband, Trilantic and Iberdrola will purchase 86.8 million shares.

The price indicates a perceived strong demand for Euskaltel’s shares, given the turmoil in the markets this week as a result of the crisis in Greece.