(Adds detail on flotation)
BERLIN, March 9 (Reuters) - 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.
That would top the valuations of a European IPO crop that
has so far this year featured Polish e-commerce firm InPost
, German used-car trading platform AUTO1 and
British boot brand Dr. Martens.
The deal would also be the largest European telecoms IPO
since that of Belgacom in 2014, and Germany's largest listing
since that of Knorr Bremse in 2018, both of which
raised $4.4 billion, according to Refinitiv data.
The base offer size is 2 billion euros, but there is
flexibility to increase its size to 2.8 billion euros through
the exercise of of 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 come on board as cornerstone investors and buy a total
of 950 million euros in shares.
The offer period is due to end on or around March 17, with
the first day of trading the following day, Vodafone and Vantage
($1 = 0.8432 euros)
($1 = 0.8435 euros)
(Reporting by Riham Alkousaa and Douglas Busvine, editing by
Thomas Escritt)