Vantage Towers, the telecom tower company from Vodafone, has set the price range for its initial public offering (IPO) at between €22.50 and €29 per Share.

The final offer price will be determined based on a bookbuilding process, Vantage Towers said today. The period during which investors may submit purchase orders is to begin today and is expected to end on or around 17 March 2021.

Price range implies a total market capitalisation for Vantage Towers of €11.4 billion to €14.7 billion.

Base offer size is €2 billion.

There will be flexibility to upsize final offering by up to 40 percent of the base offer size, to €2.8 billion, through the exercise of a 25 percent upsize option and the greenshoe.

Digital Colony, a digital infrastructure investor and operator, has agreed to be a cornerstone investor in the IPO, alongside RRJ, an equity fund based in Singapore, with commitments of €500 million and €450 million, respectively.

The IPO period will commence today and end on or around 17 March 2021.

First day of trading on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) is expected to be on or around 18 March 2021, Vantage Towers said.

Vodafone is targeting proceeds from the base offer of €2.0 billion from the sale of up to 88,888,889 Shares. Vodafone may increase the Base Offer with an amount of up to €500 million, by placing up to 22,222,222 additional shares with investors.

Vodafone will receive all of the net proceeds from the potential sale of shares under the Base Offer, Upsize Option and any Over-Allotment Shares acquired pursuant to the Greenshoe Option. Vantage Towers will not receive any proceeds from, or incur any costs in connection with, the IPO.