Telefónica Deutschland sets range on $2.2bn float
Spanish telecoms group Telefónica set the price range for the IPO of its German unit on Tuesday, valuing the deal at up to €1.68bn ($2.2bn). The parent hopes to sell 258m shares if the greenshoe is used, representing 23.17% of the company, at €5.25-€6.50 each.
That is at the low end of the expected price and size range. Analysts had expected a deal size of 1.5bn-3bn, and a 20%-30% free float, when the deal was launched in early October.
The bottom of the range represents an EV/Ebitda multiple of 5.3x for 2013. In 2011,
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