Vantage Towers brings big cornerstone but shrinks IPO

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By Aidan Gregory
09 Mar 2021

Vantage Towers, the telecoms towers division of Vodafone, has announced the price range for its IPO on the Frankfurt Stock Exchange and secured cornerstone orders for almost half of the deal size. The deal is smaller than many had expected, as rising bond yields continues to impact wider equity markets.

The range has been fixed at €22.50-€29 a share, valuing Vantage Towers at €11.4bn-€14.7bn. The base deal size will consist of €2bn of shares, plus an option to increase the size of the flotation by a further €500m. This is smaller than the €3bn-plus size many in the ...

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