Analysts and financial experts in Poland have questioned the valuation and motive behind an IPO of operator Play Communications in a report by the business bureau of the Polish Press Agency (PAP).

The news website reported comments from a range of fund managers and analysts in the country. Experts highlighted the optimistically high estimate for Play, with one speculating the whole process may be a facade to provide a valuation for an acquisition by worldwide media company Liberty Global.

Play, the second largest operator in Poland by connections according to Q1 2017 GSMA Intelligence data, confirmed the IPO in June following widespread reports it was set to float. The company said the IPO was planned for the second half of July, with reports estimating the move will raise at least PLN2.5 billion ($670 million).

The final figure could hit PLN5.3 billion according to upper limits revealed in the latest PAP report.

Announcing the IPO, CEO Jorgen Bang-Jensen said it offered an opportunity to buy into “Poland’s favourite brand” and enter “one of the most attractive mobile communications markets in Europe”.

The IPO follows an attempt to sell Play at an auction in October 2016, a process abandoned when private equity companies failed to meet the valuation.