Vodafone’s Vantage Towers rises in Germany’s largest IPO of the year

Shares in Vodafone (LON:VOD)’s Vantage Towers unit rose in Germany’s largest debut in three years, benefiting from strong investor appetite for stable-return infrastructure assets.

Shares were up 3.3% at 24.8 euros apiece at market open, comparing to an offer price of 24 euros, which had been set in the lower half of the 22.50-29 euros per share marketing range.

Vodafone is reaping as much as 2.3 billion from the deal, including a 300 million euro overallotment option (greenshoe), valuing Vantage Towers at 12.1 billion euros.