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Frankfurt — Vodafone is looking to raise €2.8bn from an initial public offering (IPO) of its European mobile-phone towers unit in Frankfurt, in what will be one of the region’s biggest stock market listings in 2021.

The UK telecoms giant plans to sell shares in Vantage Towers at €22.50 to €29 apiece, according to a statement on Tuesday. Vodafone is targeting maximum proceeds of €2.8bn from the offering, which would include an option to increase the deal size and an over-allotment. The final number of shares sold will depend on where the IPO prices. Vodafone shares climbed 2% to 128.60p in London...

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