Spanish oil and gas company Cepsa, owned by Abu Dhabi’s Mubadala Investment Co, has announced it will offer a 25% stake in the company at a price range between €13.10 and €15.10 per share, potentially raising between €1.75 billion and €2.02 billion.

The company is offering about 133.8 million shares on the Spanish stock exchanges that would give Cepsa a market capitalization of between €7.01 billion and €8.08 billion. Banking sources familiar with the matter had previously said that the business would be valued at around €10 billion.

Cepsa confirmed last month that it planned to float shares on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges. The listing is anticipated to be one of the largest seen in Spain in more than a decade.

The Madrid-based group said it will determine the final price of the share float on or about Oct. 16 and expects the listing to take place on or about Oct. 18.

The offering consists of a private placement to qualified investors inside and outside Spain. As an exception, shares are also being offered to employees of the company and its Spanish subsidiaries that have their tax residence in Spain.

The flotation also includes an over-allotment option of 3.75%.