() is to receive up to €2.8bn (£2.4bn) from the IPO of mobile infrastructure business Vantage Towers.
The price of the float was set today in a range of €22.50 to €29.00 per share that implies a total market capitalisation for Vantage Towers of €11.4bn to €14.7bn.
The value of shares to be offered by the FTSE 100 group in the listing is not less than €2bn but that could rise to €2.8bn if demand is good.
Vodafone will receive all of the net proceeds from the potential sale of shares under the base offer, upsize option and any over-allotment shares acquired pursuant to the ‘greenshoe option’, said a statement today.
Vantage Towers will not receive any of the proceeds from, nor incur any costs in connection with, the IPO, the statement added.
Digital Colony, a US-based digital infrastructure investor and operator, will be a cornerstone investor in the IPO, alongside RRJ, a global equity fund based in Singapore, with commitments of €500mln and €450mln.
The offer period starts today and is expected to end around 17 March 2021 with first trading on the Frankfurt Stock Exchange expected to be the day after, 18 March.
Vivek Badrinath, Vantage Towers chief executive, said: “The Vantage Towers IPO is moving ahead at pace.
“Today’s price range announcement is accompanied by the news that two leading global investors have committed to cornerstone our IPO with the purchase of €950 million of shares at the offer price.
“Demand for data and connectivity across Europe is powering growth in the towers sector. Our superior grid and leading market positions mean we are well placed to benefit from this growth and our recent financial results highlighted the good commercial and operational momentum across the business.”
Vantage is a leading mobile towers company in Europe with approximately 82,000 macro sites in 10 countries.