Portugal is gearing up for its first initial public offering (IPO) in over five years. The government will sell 70% of postal company CTT-Correios de Portugal, according to Independent Online. The country is banking on the IPO to reduce its debt and budget deficit. Portugal currently ranks third among the most indebted members in the Euro Zone and is aiming to meet the targets of the European Union (EU). The nation intended to exit a rescue package in June 2014, the report said.

Three years ago, Portugal became the third country to request for an EU-led bailout as rising bond yields forced it out of the borrowing market, the report explained.

According to a prospectus, state holding firm Parpublica will sell 105 million of its shares in CCT. The prospectus showed the IPO's price range would be between EUR4.10 to EUR5.52 per share. Trading is slated to commence on December 5. Portugal said the demand for the postal service shares had reached over six times the amount on offer, Independent Online reported.