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UPDATE 1-Spain's Primafrio targets $2 billion valuation with its IPO

(Adds size of the IPO, other details)

MADRID, June 11 (Reuters) - Primafrio is targeting a valuation of up to 1.7 billion euros ($2 billion) following a planned listing of a 25% stake in the Spanish logistics operator, it said on Thursday, in what would be the third market listing in Spain this year.

Family-owned Primafrio, which specialises in refrigerated products, plans to sell its shares at between 9.30 euros and 12.10 euros, raising as much 423.5 million euros through a placement aimed exclusively at institutional investors.

Global stock markets have benefited this year from ultra-low interest rates and government economic stimulus measures aimed at alleviating the effects of the coronavirus crisis, driving record numbers of market debuts in several countries.

Primafrio’s flotation comes after Bankinter spun off its insurance business Linea Directa and green energy firm Econener listed its shares.

The announced price range would give the company a valuation of between 1.302 billion euros and 1.69 billion euros through the sale of 35 million ordinary shares.

Taking into account an overallotment option of 10% of the offer, the flotation of 27.5% of the company could be worth up to some 466 million euros with the highest price range.

The company, whose first-quarter revenues increased by 12.2% year-on-year to 141.9 million euros, expects to start trading on June 24.

Its founders Juan Conesa and Jose Esteban Conesa would maintain a majority stake in the company after the flotation, it said.

After three years in which few companies listed in Madrid, half a dozen firms have announced plans to debut on the bourse this year.

Power and infrastructure group Acciona kicked off the process to spin off and list its renewable energy unit in a deal that could value it at 8 billion euros, according to banking sources. ($1 = 0.8208 euros) (Reporting by Inti Landauro, Jesús Aguado and Tomas Cobos; editing by Jason Neely and Angus MacSwan)

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