By Joe Hoppe

Vodafone Group PLC said Thursday that it and its European towers unit Vantage Towers AG have set a final offer price of 24 euros ($28.76) a share for Vantage Towers' initial public offering.

The U.K. telecommunications company said that Vantage Towers has placed 95.8 million shares, resulting in gross proceeds of EUR2.3 billion. The successful offering implies a market capitalization of EUR12.1 billion for Vantage Towers.

The shares placed represent 18.9% of Vantage Towers' issued and outstanding share capital, and Vodafone will use the net proceeds from the placing to pay down debt.

Trading of the shares on the Frankfurt Stock Exchange is expected to begin Thursday under the ticker VTWR.

"This IPO unlocks value for our shareholders: it demonstrates the value of our towers assets in a 5G world, sets up Vantage Towers to unlock its full potential as a focused independent tower operator, with the proceeds reducing group debt," Vodafone Group Chief Executive Nick Read said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

March 18, 2021 03:35 ET (07:35 GMT)

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