17th Mar 2021 06:50
(Alliance News) - Vodafone Group PLC's mobile towers business has narrowed the price range for its stock market listing in Frankfurt to the lower half of its original target, Bloomberg News reported on Tuesday.
Vantage Towers AG has revised the range for the initial public offering to between EUR24 and EUR25 per share from the original EUR22.50 to EUR29, Bloomberg said, citing deal terms it has seen.
https://www.bloomberg.com/news/articles/2021-03-16/vodafone-unit-vantage-tightens-price-range-for-frankfurt-listing?srnd=deals
At the EUR22.50 to EUR29.00 price range set last week, Vantage Towers would have a market capitalisation of between EUR11.4 billion and EUR14.7 billion, Vodafone had said.
The base offer size will be EUR2.0 billion, though Vodafone said there is flexibility to up this to EUR2.8 billion. The offer period was set to end around Wednesday this week.
Dusseldorf, Germany-headquartered Vantage Towers, which Vodafone separated out from its business in 2020, is "Europe's leading tower infrastructure platform", according to Vodafone, with more than 68,000 towers across nine markets.
By Tom Waite; [email protected]
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