Vodafone Group said today it would seek to raise up to €2.8 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 €22.50-29 per share.
This implies a total market capitalisation of up to €14.7 billion.
That would top the valuations of a European IPO crop this year that has featured Polish e-commerce firm InPost, German used-car trading platform AUTO1 and British footwear brand Dr Martens.
The deal would 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, Refinitiv data showed.
The base offer size is €2 billion, but there is flexibility to increase it to €2.8 billion through an "upsize" option and an over-allotment option for lead managers on the deal, Vodafone said.
Vodafone added that infrastructure investor and operator Digital Colony and Singapore-based global equity fund RRJ had agreed to be cornerstone investors and buy a total of €950m in shares.
The offer period is due to end on or around March 17, with the first day of trading the following day.
