Spain’s national aviation authority, AENA, has set a top-of-the-range price of 58 euros ($65) euros per share for the company’s partial privatization this week, valuing the company at some 8.7 billion euros ($9.8 billion).

The initial public offering of 49 percent of AENA’s stock begins Wednesday and will bring in some 4.3 billion euros for the government.

The government will retain a 51 percent stake in AENA, keeping it state-controlled.

The vast majority of shares have been offered to institutional investors and a small percentage to retail investors.

Public Works Minister Ana Pastor on Tuesday described the partial privatization and the high share demand as an “important success.”

AENA operates 46 airports.

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Photo Credit: Terminal 4 in Madrid-Barajas Airport was designed by Richard Rogers Partnership. Jean-Pierre Dalbéra / Flickr