Vodafone Group seeks to raise up to 2.8 billion euros from Towers IPO

BERLIN (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.