Vodafone PLC (LON:VOD) has pushed the button on the float of mobile infrastructure arm Vantage Towers.
The German business will list in Frankfurt with first trading expected to be before the end of March.
No details were given about the ownership structure post the IPO and how many shares would be distributed or sold other than a statement that the target is a meaningful minority float to create a liquid market.
Vantage confirmed its dividend this year will be €280mln (£240mln), to be paid in July 2021, with the policy going forward to payout 60% of recurring free cash flow.
The business owns 82,000 towers across 10 European countries and is either the market leader or in second place in nine of these.
Vodafone has contracted to be its anchor tenant.
For the year to end March 2021, Vantage has forecast underlying profits of €530-540mln with revenues of €955-€970mln and free cash flow of €375-385mln.
Vivek Badrinath, Vantage Towers' chief executive, said:"The IPO is an important milestone and sets the foundations for the next stage of our growth within the dynamic towers industry.
“With our superior grid, inflation-linked revenue - secured for the long term - and our strong balance sheet, we have a powerful base to move forward and support our customers' need for better and more extensive connectivity across the continent."