Vodafone said to start preparations for Indian IPO

1 min readUpdated May 15, 2025Apr 11, 20165:38 AM

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The company has asked interested investment banks to sign NDAs so it can provide more detailed information about the unit, citing people familiar with the matter.

Vodafone may be ready to pick advisers by next month, the sources said. Around 10% of the Indian unit could be sold as part of the IPO. Vodafone India has a potential valuation of around $20 billion, which would make the IPO the largest in India to date.

Vodafone has been planning to conduct an IPO for Vodafone India for some time, but macroeconomic, regulatory and market conditions have stood in the way.

On the record, Vodafone spokesperson Matt Morgan commented that “[w]e have previously stated 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.”

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What this means

Vodafone's renewed push for a substantial Indian IPO, aiming for a $20 billion valuation, appears a calculated move to inject capital and unlock value in a high-growth, yet competitive, market. Unlike Skims' recent collaborative market entry in India, this is about strengthening an existing major player, potentially alleviating past macroeconomic and regulatory hurdles. The offering of 10% of its unit could provide vital liquidity and operational agility, putting pressure on local rivals. The primary risk lies in securing the desired valuation amidst ongoing market volatility. This strategy contrasts with companies like Microsoft establishing new cloud regions in India, which signifies direct operational expansion rather than fundraising. We will monitor the appointment of investment advisors next month.

Sarah Chen · Retail News Asia newsroom

Questions & Answers

What is the approximate valuation being discussed for Vodafone India's potential IPO?

The potential valuation for Vodafone India is around $20 billion. This would position it to be the largest initial public offering in India's history if it proceeds.

What percentage of Vodafone India is potentially being sold in this IPO?

Sources familiar with the matter indicate that around 10% of the Indian unit could be sold. This sale is planned as part of the initial public offering process.

What are the next steps Vodafone is taking in the IPO preparation process?

Vodafone has requested interested investment banks to sign Non-Disclosure Agreements to receive detailed information. They may also be ready to select their financial advisers by the next month.

Why has Vodafone's planned IPO for its Indian unit been delayed until now?

Macroeconomic, regulatory, and market conditions have previously hindered the company's plans. Vodafone has been working towards this initial public offering for some time.

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