Vantage Towers, the mobile infrastructure company spun out of Vodafone Group, has announced its intention to float on the Frankfurt Stock Exchange by the end of March.

The company did not disclose how many shares will be offered, but Reuters cited people familiar with the matter saying that stock worth about €3 billion would be sold.

Vantage Towers said it has 82,000 “macro sites” in 10 countries.

The Düsseldorf, Germany-based company was founded in 2020.

Vantage Towers CEO Vivek Badrinath said: “The IPO is an important milestone and sets the foundations for the next stage of our growth within the dynamic towers industry.

“We will be looking to capture the exciting value-creating opportunities the sector has to offer and to build on our position as a leading tower infrastructure company in Europe.

“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.”

Vodafone and Vantage Towers have engaged BofA, Morgan Stanley and UBS as Joint Global Co-ordinators, and Barclays, Berenberg, BNP Paribas, Deutsche Bank, Goldman Sachs and Jefferies as Joint Bookrunners.