Vodafone says tower business could be worth 14.7 billion euros at float

British mobile phone giant Vodafone said Tuesday it had set the price range for the upcoming German stock market flotation of its towers business, valuing the unit at up to 14.7 billion euros ($17.4 billion).

The share sale comes amid increasing demand for mobile telecommunications connectivity across Europe driven by data growth, 5G roll-out and regulatory coverage obligations.

Vantage Tower’s first day of trading on the Frankfurt stock market is expected to be on or around March 18, with a price-per-share range of between 22.5 euros and 29 euros, Vodafone said in a statement.

The initial public offering (IPO) “implies a total market capitalisation for Vantage Towers of 11.4 billion euros to 14.7 billion euros”, it added.