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MADRID, April 25 (Reuters) - Spanish industrial testing and inspection firm Applus said on Friday it hoped to raise 1.1 billion euro ($1.5 billion) in a stock market debut around May 9, the second company to list in Madrid this month following a three-year drought.
Spanish equity markets have surged over the last few months, a sign that investors are eager to make a bet on the country's economic recovery.
Travel firm eDreams Odigeo listed on the Madrid stock exchange earlier in April. Its shares are up 6.3 percent since the listing, trading at 10.82 euros each on Friday.
Applus said in a filing to Spain's stock market regulator, it hoped to raise around 300 million euros through the issue of new shares and 800 million euros from the sale of existing shares.
The price range has been set at 13.25-16.25 euros per share, it said, with a final price to be determined after a bookbuilding period ends around May 7.
The price range would give Applus, which is owned by U.S. private equity fund Carlyle, a value of 2.45-2.85 billion euros including debt, a source close to the company told Reuters.
The Applus sale is being led by UBS and Morgan Stanley, with JP Morgan and Citi joint bookrunners.
Applus also said it planned to pay a first dividend worth around 20 percent of its net adjusted profit in 2015. ($1 = 0.7236 Euros) (Reporting by Julien Toyer and Andres Gonzalez; Editing by Tracy Rucinski and Jane Merriman)