Vodafone has set the share price range for the initial public offering of shares in Vantage Towers. At EUR 22.50-29.00 per share, the mobile towers operator will have a market capitalisation of EUR 11.4-11.7 billion in total. Vodafone reached a deal to sell a large part of the shares in the IPO to investors Digital Colony and RRJ.
The sale of 88.9 million shares is expected to raise a minimum EUR 2 billion. This could reach up to EUR 2.8 billion if the 25 percent upsize and 15 percent over-allotment options are exercised. This means a minimum 19.1 percent of Vantage shares listed, and a maximum 24.6 percent if the options are used.
Infrastructure investor Digital Colony and Singapore-based private equity fund RRJ agreed to serve as cornerstone investors in the IPO, buying respectively EUR 500 million and EUR 450 million in shares in the IPO at the offer price.
Vodafone will receive all the proceeds from the sale, with zero for Vantage.
The subscription period runs until 17 March, and Vantage is expected to start trading on the Frankfurt market 18 March.
