Vantage Towers, the infrastructure business arm of Vodafone, has announced an expansion of its tower portfolio. The company made this announcement while confirming its outlook ahead of its expected initial public offering in Frankfurt.

As part of this tower expansion exercise, Vantage Towers increased the number of towers it operates to 82,000 in the first nine months of its fiscal year.

Further, the company has reaffirmed proforma recurring free cash flow guidance of 375-385 million euros ($455-$467 million) for its fiscal year ended March 31, implying a modest increase from 375 million last year.

As reported earlier, Vodafone is planning to float Vantage Towers on the Frankfurt stock exchange in March 2021 in a share offering worth $3.6 billion.