This amount is sensibly higher than estimated according to initial projections, which set Talgo's market value at €800m-1bn. The current shareholders are expected to raise €554-709m by selling 61 million shares at the initial price range. The definitive share price will be set on May 5, and listing will start on May 7.

The IPO prospectus contains a greenshoe option, whereby an additional 4.5% of its capital could be sold if demand is higher than expected. This could raise Talgo's valuation to €609-779m.

The offering will be limited to institutional investors, and funds raised will go directly to current shareholders, thus not increasing the company's capital. Talgo, which in 2014 had €384m in revenues and a net profit of €34.5m, has announced a 20-30% dividend payout ratio, starting in 2016.

Talgo is currently owned by Pegaso Rail International, whose shareholders include Trilantic Capital Partners (63%), MCH Private Equity (16%), and the company's founding Oriol family, who retain a 20% stake. Company executives are expected to receive shares equivalent to 4.41-4.73% of the capital under the IPO, and employees a 0.27-0.34%.

The company currently employs 1735 staff, 88% of them in Spain, its main market and where it has supplied 91 out of Renfe's fleet of 231 high-speed trains. Other countries now using Talgo long-distance rolling stock include the United States, Kazakhstan and Uzbekistan, and Russia and Saudi Arabia will soon join the list.

This is Talgo's third and final attempt at a listing, after evaluating the prospects of an IPO in 2011 and 2013.