Spain's indebted telecoms giant Telefonica said Tuesday it hoped to raise up to 1.5 billion euros ($1.7 billion) from the listing of a stake in subsidiary Telxius, planned for October 3. In a statement, the group said it could float up to 40 percent of Telxius, which manages its infrastructure assets, including over 31,000 kilometres (19,000 miles) of fibre-optic submarine cables and 15,000 telecom towers in Spain.
The indicative price range for each share has been set between 12 and 15 euros, "which would put Telxius Telecom's (entire) market capitalisation between 3 and 3.75 billion euros, the company said. Telxius will float on October 3 "in the Spanish stock markets".