Telecom Italia (TI) has priced the upcoming IPO of its tower unit Inwit at between €3.25 and €3.90 per share, the company said in a statement.
TI plans to list up to 40% of Inwit, which consists of 11,500 mobile sites and is worth up to €2.34bn on…
Telecom Italia (TI) has priced the upcoming IPO of its tower unit Inwit at between €3.25 and €3.90 per share, the company said in a statement.
TI plans to list up to 40% of Inwit, which consists of 11,500 mobile sites and is worth up to €2.34bn on the Milan bourse’s MTA segment, subject to regulatory approval.
The Rome-based telco has appointed Banca IMI, Deutsche Bank and Mediobanca as global joint coordinators and joint bookrunners, while UBS is acting as joint bookrunner.
Banks are due to start receiving expressions of interest in the offering next week, with the official IPO launch scheduled for Monday.
The move follows the IPO of Cellnex Telecom, Abertis’ tower spinoff, which debuted on the Madrid stock exchange last month. The public listing, which valued the company at over €3.2bn, was aimed at capturing organic and M&A growth opportunities in the European telecom infrastructure market, facilitating access to capital markets and new financing channels, Spanish infrastructure group Abertis said.
“We believe that mobile operators are likely to continue to increase their dependence on tower providers given growth in mobile data and the need to meet geographic coverage obligations for LTE,” Fitch Ratings said earlier this week.
Debt-laden Telecom Italia posted €21.6bn in 2014 revenues, down 5.4% on the previous year, with a €8.8bn EBITDA. Net debt amounted to €26bn.
