The final share price is expected to be set on 16 October.
Mubadala aims to value Spanish oil major Cepsa at up to $9.22 billion after setting the price range for the company's initial public offering (IPO).
The Abu Dhabi state investor announced plans to float Cepsa on the Madrid stock exchange two weeks ago with floating scheduled for late October.
Mubadala is expected to raise around EUR 2 billion with the sale of a 25 per cent stake, taking into account the highest price from a range of between EUR 13.1 euros to EUR 15.1 per share.
Additionally, the floatation also includes an over-allotment option of a 3.75 per cent to the joint-global coordinators of the issue.