Bharti has confirmed pricing for the much-anticipated IPO of its towers arm, indicating that it is looking to raise as much as US$830 million.

Shares in Bharti Infratel are to be priced at INR210 to INR240, reports Reuters; 188.9 million shares, or 10 percent of the company, is up for sale, making it India’s largest flotation for two years.

At the top end of the range, the sale will net the firm about INR45.3 billion (US$833 million).

Bharti Infratel will sell about 146 million new shares, while four of its stockholders, including arms of Singapore state investor Temasek and Goldman Sachs, are selling 42.7 million shares, according to a regulatory filing.

However, Bharti Airtel, India’s largest mobile operator which owns about 86 percent of Bharti Infratel, will not sell any shares.

Bharti Infratel owns 33,660 mobile phone towers and also a 42 percent stake in Indus Towers, a JV with other Indian operators considered to be the largest towers company in the world.

The IPO will open on 10 December for cornerstone investors and a day later for the public, closing on 14 December.

According to Reuters, Bharti Infratel shares will be sold at a discount to global peers, with an enterprise value over EBITDA ratio of 9-10.5x based on the indicated range. This compares to 17.8x at American Tower, 17.2x at Crown Castle International, and 17.6x at Indonesia’s PT Tower Bersama Infrastructure.