France Telecom could raise as much as €17bn ($16bn) from its IPO for Orange, which it is likely to start marketing next week, with a view to launching its listing in early February.

One source close to France Telecom, which is likely to be floating less than 25% of Orange, said a likely valuation for Orange was between €70bn and €85bn. Based on these figures, if the French telecoms giant decides to sell even 20% of its Orange unit, it could look forward to raising as much as €17bn.