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Vodafone Group said it lifted the price range for the upcoming flotation of its Vantage Towers business on the Frankfurt Stock Exchange, valuing the unit at up to 14.7 billion euros ($17.4 billion).

The share price range "implies a total market capitalization for Vantage Towers of 11.4 billion euros to 14.7 billion euros", Vodafone said in a statement.

The deal would be the largest European telecoms IPO since Belgacom in 2014, and Germany’s largest listing since Knorr Bremse in 2018, both of which raised $4.4 billion, Refinitiv data showed.

According to Vodafone, the base offer size is 2 billion euros, but there is flexibility to increase it to 2.8 billion euros through an “upsize” option and an over-allotment option for lead managers on the deal.

Vodafone added that infrastructure investor and operator Digital Colony and Singapore-based global equity fund RRJ had agreed to be cornerstone investors and buy a total of 950 million euros in shares.

The offer period is due to end on or around March 17, with the first day of trading the following day.

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