Vodafone To Make €2.3 Billion From Vantage Towers IPO

The Vodafone Group Plc logo sits illuminated on top of a telecommunications mast in Berlin, Germany, on Thursday, Nov. 5, 2015. Liberty Global and Vodafone ended talks about an exchange of assets -- the companies' operations overlap the most in the U.K., Germany and the Netherlands -- denying the cable and mobile-phone giants a chance to consolidate in their key markets. Photographer: Krisztian Bocsi/Bloomberg

By Jonathan Easton

Vodafone is set to generate up to €2.3 billion from its Frankfurt IPO.

The telco giant has set the share price of its infrastructure business Vantage Towers at €24 each, giving the company a value of €12.1 billion.

Vodafone could make as much as €2.3 billion from the deal, with the company placing 95.8 million shares during the IPO. This includes 12.5 million for possible over-allotments (greenshoe).

Vodafone had initially set an initial price range for Vantage’s IPO at €22.50-29, but narrowed it to €24-25 this week. The company initially targeted proceeds of between €2-2.8 billion.

Should the greenshoe be exercised, Vodafone will continue to own 81.1 per cent of the tower unit.

Announcing the floatation, Vodafone CEO Nick Reed said: “This IPO unlocks value for our shareholders: it demonstrates the value of our towers assets in a 5G world.”

Vantage towers owns 82,000 macro sites in 10 European countries. Its portfolio includes towers, masts, rooftop sites, distributed antenna systems (DAS) and small cells.

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