Telefonica and its underwriters for the flotation of Telefonica Deutschland have announced the pricing and other details of the initial public offering (IPO).

Shares of the German unit are expected to begin trading in the Frankfurt Stock Exchange on October 30th.

Telefonica will issue up to 225m shares of its German unit at an indicative price range of €5.25-6.50 per share.

Investors will be able to present their buy orders during the initial placement period running from October 17th through October 29th. The underwriters will have a greenshoe option on up to an additional 33.75m shares.

Telefonica expects to raise around €1.52bn, including the exercise of the greenshoe option, by taking public a 23.17% stake of the company.

Part of the offering is destined to institutional and retail investors in Germany and Luzembourg along with other private placements in other jurisdisctions.

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