- Telecom group Vodafone said it had set a price range for the initial public offering of its Vantage Towers infrastructure business that would value it at between €11.4 billion and €14.7 billion.

The indicative price range was set at €22.50-to-€29.00 per share, with a base offer size of €2.0 billion.

Vodafone said there was flexibility to upsize the final offering by up to 40% to €2.8 billion.

Digital infrastructure investor Digital Colony and Singapore-based equity fund RRJ had agreed to be cornerstone investors, with commitments of €500 million and €450 million, respectively.

The offer period commenced Tuesday and would end on or around 17 March, with the first date of trading on the Frankfurt Stock Exchange expected on or around 18 March.

'The Vantage Towers IPO is moving ahead at pace,' Vantage Towers chief executive Vivek Badrinath said.

'Today's price range announcement is accompanied by the news that two leading global investors have committed to cornerstone our IPO with the purchase of €950 million of shares at the offer price.'

'Demand for data and connectivity across Europe is powering growth in the towers sector.'

'Our superior grid and leading market positions mean we are well placed to benefit from this growth and our recent financial results highlighted the good commercial and operational momentum across the business.'

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