Telefonica (TEF) plans to raise up to €1.68B in the IPO of Telefonica Deutschland by...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (TEF) plans to raise up to €1.68B in the IPO of Telefonica Deutschland by selling 225M shares in the German unit at €5.25-€6.50 each. The underwriting banks will have an option to buy another 33.75M shares, which, if realized, would bring the amount that Telefonica is selling to 23.2% of the subsidiary. The money raised will help the Spanish operator further chip away at its €57B debt mountain.