PrimeTel, Cyprus’ alternative telecoms provider, hopes to forge ahead with a planned initial public offering (IPO) next month, with a view to listing on the Alternative Market of the Cyprus Stock Exchange. It says the money raised from the placement will be used to fund the group’s expansion drive. PrimeTel’s IPO will start on 9 June and will run until 18 June. A total of 15.1 million shares are on offer, including 7.5 million to investment groups, four million to subscribers and 2.85 million to the general public. The final price for the shares will be determined no later than 6 June, with an upper limit of EUR0.38 per share in place, valuing the placement at EUR5.45 million, according to Financial Mirror’s calculations. It is understood PrimeTel will also offer 750,000 free shares to staff and executives.