Vantage Towers, the company of Vodafone towers, debuts at Frankfurt Stock Exchange and by mid-morning it had risen by 3,3% to 24,8 euros, 80 cents more than the placement price of 24 euros per share, in the lower part of the range indicated at the time of the IPO, between 22,5 and 29 euros.
Vantage placed 95,8 million shares for a gross revenue equal to 2,3 billion euros, also calculating the 300 million of the greenshoe. There overall rating of the company is equal to 12,1 billion euros. We are therefore faced with the highest quotation in Germany in the last three years e to the largest in Europe in 2021.
The IPO announcement had arrived last 10 March. The proceeds of the listing will be used by Vodafone for reduce debt, which at the end of 2020 was approximately 42 billion. "This IPO unlocks value for our shareholders and demonstrates the value of our towers in a 5G world," commented the Vodafone chief. Nick Read.
Founded in 2020 with headquarters in Dusseldorf, Vantage Towers can rely on 82 thousand sites in Europe and defines itself as 'in first or second position in nine of the ten countries' in which it operates.
With the landing on the Stock Exchange, Vantage Towers therefore becomes the main competitor of the Spanish Cellnex (-1,33% in Madrid) which currently holds the leadership in the European tower market. A market that has experienced great turmoil in recent months, with consolidation operations and possible mergers in view of the large-scale adoption of 5G. We recall that in the first nine months of the 2020-21 financial year (which ends in March) the adjusted ebitda of Vantage was equal to 394 million (513 million in the proforma of the 2019-20 financial year) for an adjusted ebitda margin of 54% , while the aggregate adjusted ebitda of 2019-20 was 730 million.
Meanwhile, in Italy, Vodafone has announced new features for Vodafone Curve, the GPS assistant capable of tracking down keys and lost objects. In particular, it is the Beep to find e Proximity Bluetooth.
