Vantage Tower's €2bn IPO fails to fly

摘要

German telecoms infrastructure business VANTAGE TOWERS raised €2bn for parent Vodafone when it floated on Thursday, but the deal fell short of expectations after pricing in the bottom half of the range without any use of an upsize option and the shares rose just 1.5% on their first day of trading. The long-awaited float of Vodafone's European towers business has nonetheless pushed the Europe, Middle East and Africa region closer to a record-breaking first quarter for IPO issuance. IPOs in the region have raised US$16.6bn so far in 2021, the most in a first quarter since the US$20.8bn raised in 2015. It is also not far off the most ever raised in a first quarter, which was US$21.1bn in 2000.