Vodafone said to plan $2.5b India IPO in Q4
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Reports indicate that Vodafone is preparing to conduct an IPO of its Indian business in the fourth quarter that could raise as much as $2.5 billion.
The operator is expected to file a draft prospectus for the IPO in August, citing sources close to the deal.
According to the report, Vodafone has hired Bank of America, Kotak Investment banking and UBS AG as the global co-ordinators for the IPO. The bank selection process commenced in April.
With a potential value of up to $2.5 billion, the IPO would be India’s largest public listing since 2010. Previous reports indicate that the value of the offer could be much larger, to the extent that the IPO has the potential to be India’s largest ever float.
Vodafone has been considering an IPO of its Indian operations for years, but the process has been complicated in part by disputes with the government over tax demands and the merger of its operating businesses.
Questions & Answers
Q.When is Vodafone expected to file the draft prospectus for its Indian IPO?
When is Vodafone expected to file the draft prospectus for its Indian IPO?
Sources close to the deal indicate that Vodafone is expected to file a draft prospectus for the Indian IPO in August. This filing is part of the preparation for the public listing planned for the fourth quarter.
Q.Which banks has Vodafone appointed as global co-ordinators for the IPO?
Which banks has Vodafone appointed as global co-ordinators for the IPO?
Vodafone has hired Bank of America, Kotak Investment Banking, and UBS AG to serve as the global co-ordinators for the planned IPO. The selection process for these banks began in April.
Q.What issues have complicated Vodafone's IPO plans in India previously?
What issues have complicated Vodafone's IPO plans in India previously?
The process has been complicated by ongoing disputes with the government regarding tax demands. Also, the merger of Vodafone's operating businesses in India has also contributed to the complexity of the IPO.
Q.How significant could this IPO be for the Indian market?
How significant could this IPO be for the Indian market?
With a potential value of up to $2.5 billion, this IPO would be India’s largest public listing since 2010. Some previous reports even suggest it could become India’s largest ever float.