Shortly after the opening bell, shares in the new entity began trading at 24.80 euros, above the flotation price of 24 euros.
Vodafone raised 2.3 billion euros in Europe's largest initial public offering of the year so far.
It comes amid increasing demand for mobile telecommunications<\/a> connectivity across Europe, driven by data growth, 5G rollout and regulatory coverage obligations.
Mobile phone giants are also floating or selling off their tower businesses in order to slash debt.
Duesseldorf-headquartered Vantage Towers, which was spun off from Vodafone in 2020, has a portfolio that includes 82,000 macro sites -- towers, masts and rooftops -- across 10 European countries.
Vodafone plans to use the proceeds of the listing to reduce its debt pile, estimated at around 44 billion euros by Interactive Investor analyst Richard Hunter.
Digital Colony, a digital infrastructure investor and operator based in the US, agreed to be a cornerstone investor in the IPO, alongside RRJ, a global equity fund based in Singapore, with commitments of 500 million euros and 450 million euros, respectively.
Earlier this year, heavily-indebted Telefonica agreed to sell its telephone masts in Europe and Latin America to US-based telecom infrastructure firm American Towers for 7.7 billion euros.
The Spanish group said it would use the proceeds to cut debt by 4.6 billion euros.
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