FRANKFURT - Vodafone is expected to price shares in infrastructure unit Vantage Towers at 24 euros ($28.60) each, valuing the firm at 12 billion euros in one of Europe's largest initial public offerings of 2021, bookrunners on the deal said on Wednesday.

The company is expected to reap 2.13 billion euros from the deal, assuming that an overallotment option is not exercised, one of the deal organisers added.