Sacyr Vallehermoso, the debt-laden Spanish construction and services group, will float part of its toll road business this week in the country’s first initial public offering this year.

Itínere, which holds stakes in 35 motorways, three hospital concessions, an airport and a transport hub, has been priced by the market at about €3.5bn ($5bn) compared with analysts’ valuations of more than €5.2bn.