The float will raise around e2 billion for Vodafone which it may use to pay down debts incurred from the e19 billion takeover of Liberty Global’s European assets.
It also gives shareholders a valuation of assets that are likely to become ever more important as the 5G world takes off.
Vodafone insists it is logical to go for a Frankfurt float since the biggest part of the business is German.
UBS and Morgan Stanley are also on the deal.
Analysts say the deal puts Voda ahead of Deutsche Telekom which is seen to have dropped the ball on the float of its own towers business.
The demand for reliable mobile and internet connections is now so huge that telecom tower businesses are likely to remain in demand.
Vodafone will be Vantage Tower’s anchor tenant, initially providing 90% of its revenue. Other tenants will be added.
Vodafone also said on Friday it created Greece's largest tower company through a deal with Crystal Almond, the controlling shareholder of Greek mobile operator Wind Hellas, which will be added to Vantage.
Crystal Almond has agreed to acquire 100 million euros ($116.03 million) of shares in the IPO at the IPO price, Vodafone said.
Vodafone today reported a 1.3% decline in first quarter sales. The London listed shares fell 6p to 123p, leaving the business valued at £33 billion.
