Vodafone invites pitches from banks for $2-2.5bn Indian IPO
Vodafone Group is reportedly expecting to raise $2-2.5 billion through the IPO of its Indian unit.
The telco is said to have invited banks such as Bank of America Merill Lynch, Citigroup, Goldman Sachs and Morgan Stanley to submit pitches.
The banks are expected to make their pitches next week in their bid to win underwriting mandates for the share sale.
According to analysts, Vodafone India is likely to be valued at around $20 billion under the offer.
The group stated its intention for a listing of its Indian unit as early as 2011. Last November it announced that it was preparing to float the unit.
“We have previously said that we have started preparations for a potential IPO, which includes private conversations with banks, but this is a lengthy process and no decision will be made until we are at the end of it,” said Vodafone in a statement then.