Vodafone Group Plc is looking to raise 2 billion euros ($2.4 billion) from an initial public offering of its European mobile-phone towers unit in Frankfurt, in what will be one of the region’s biggest stock market listings this year.
The U.K. telecommunication giant plans plans to sell shares in Vantage Towers AG at 22.50 euros to 29 euros apiece, according to a statement Tuesday. Vodafone is targeting maximum proceeds of 2.8 billion euros from the offering, which would include an option to increase the deal size and an over-allotment. The final number of shares sold will depend on where the IPO prices. Vodafone shares climbed 2% to 128.60 pence at 11:18 a.m. in London.