Vodafone Group said on Tuesday it would seek to raise up to 2.8 billion euros ($3.32 billion) in proceeds by floating infrastructure unit Vantage Towers in Europe’s largest initial public offering of 2021.
The UK-based operator set the price range for the flotation of Vantage Towers on the Frankfurt Stock Exchange at 22.50 to 29 euros per share, implying a total market capitalisation of up to 14.7 billion euros.
The base offer size is 2 billion euros, but there is scope to increase it to 2.8 billion euros through an “upsize” option and an over-allotment option for lead managers on the deal, Vodafone said.
The deal would also be the largest European telecoms IPO since Belgacom in 2014, and Germany’s largest listing since Knorr Bremse in 2018, both of which raised $4.4 billion, according to Refinitiv data.
Read more at Reuters
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.