The Mexican unit of Spanish construction firm Obrascon Huarte Lain Group has unveiled plans to raise about MXN19.84bn ($1.55bn) by launching an initial public offering (IPO).

OHL Concesiones Mexico said it plans to issue up to 1.32bn in shares priced between MXN15 ($1.2) and MXN45 ($3.6) per share, giving the unit an equity value of $1.29bn to $3.88bn.

The company plans to sell shares in Mexico and abroad, and expects to use the proceeds from the IPO for financing investment projects.

The company has six toll-road concessions, three of which are in operation, one under construction and two in the pre-construction phase.