Vodafone Group and tower subsidiary Vantage Towers set the price range for the latter’s IPO, with the operator expecting to raise between €2 billion and €2.8 billion from the float.

Shares will be listed on the Frankfurt Stock exchange next week at a price range of €22.50 to €29 per share, giving it a market capitalisation of between €11.4 billion and €14.7 billion. Vodafone will receive the proceeds from the sale.

Alongside announcing value expectations, the companies revealed infrastructure company Digital Colony had committed to buy a €500 million stake and Singapore-based fund RRJ pledged €450 million. Both offers are subject to conditions.

The latest details follow the formal start of Vantage Towers’ IPO process in late February after two years of work to split the infrastructure assets from its parent company.

Vodafone also struck deals with various partners to move its stakes in related joint ventures into the new company.

Vantage Towers’ offer period to prospective investors begins today (9 March) and is expected to end on 17 March before free trading begins the next day. Following the sale, Vodafone will retain a majority stake in the business.