Cosmote, the Greek mobile phone operator, has chosen Merrill Lynch and Schroder Salomon Smith Barney as joint bookrunners on its initial public offering on the Athens Stock Exchange.

Cosmote, the second largest telecom company in Greece, has not said how much it plans to raise from the offering, which will see it dispose of a stakeholding of up to 17%. Some market estimates have valued Cosmote, which is second only in Greece to Panafon Hellenic Telecom, at as much as €4.45bn ($3.84bn).