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(Alliance News) - Vodafone Group PLC on Tuesday said its Vantage Towers spin-off may be worth nearly EUR15 billion on stock market admission.
The telecommunications firm outlined the price range for the unit's upcoming initial public offering.
Vantage Towers shares will fetch between EUR22.50 and EUR29.00 in its float. Vodafone explained this will imply a market capitalisation between EUR11.4 billion and EUR14.7 billion.
The base offer size will be EUR2.0 billion, though Vodafone said there is flexibility to up this to EUR2.8 billion.
"Digital Colony Management LLC, a leading digital infrastructure investor and operator, has agreed to be a cornerstone investor in the IPO, alongside RRJ Capital, a global equity fund based in Singapore, with commitments of EUR500 million and EUR450 million, respectively, subject to certain customary conditions," Vodafone added.
The offer period begins today and will end on or around next week Wednesday.
Vantage Towers Chief Executive Vivek Badrinath 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 EUR950 million of shares at the offer price."
Vodafone in February said the IPO will be in Frankfurt and is penned to occur before the end of March.
Dusseldorf, Germany-headquartered Vantage Towers, which Vodafone separated out from its business in 2020, is "Europe's leading tower infrastructure platform", with more than 68,000 towers across nine markets. Back in July, Vodafone said it planned to list Vantage Towers in Frankfurt.
By Eric Cunha; ericcunha@alliancenews.com
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