­Telefónica has confirmed the details for the planed stock-market listing of its German subsidiary, and will offer approximately 23.17% of the company for sale, which should raise around US$2 billion for the company.

The price range for orders for the IPO has been set at €5.25 to €6.50 per share and the offer period starts on October 17, 2012 and is scheduled to end on October 29, 2012. The listing of the shares on the Frankfurt Stock Exchange is planned for October 30, 2012.

"Our strong revenue growth over recent years as well as our internal efficiency enhancement initiatives has enabled us to increase cash flow which we will use to drive further growth and deliver attractive shareholder returns," says René Schuster, CEO of Telefónica Deutschland. "We believe we offer an attractive value proposition to investors and are looking forward to our future as a listed company."

The German company has promised a dividend payment of around EUR500 million for 2012 with more expected in the future in an attempt to attract investors who might be otherwise wary of a minority stake being sold by the parent group.

Telefónica will remain the majority shareholder with approximately 76.83 percent of Telefónica Deutschland.

The decision to sell a stake in the company is part of the company's attempt to pay down its EUR57 billion debt.