Vodafone has reportedly selected Kotak Investment Banking Bank of America Merrill Lynch (BofA), and UBS as joint global coordinators of its Indian unit's IPO, which is widely expected to raise between $2 billion-$2.5 billion to fund operations in the country.
According to a Reuters report, Vodafone is likely to launch the IPO early next year, and could be valued at about $20 billion under the offer. It added that Deutsche Bank, HSBC and ICICI Securities have won joint book-runner roles. Vodafone, India's second-largest mobile operator behind Bharti Airtel, had raised the prospect of a listing in India as early as 2011.
Vodafone entered India in 2007, when it acquired a majority stake in Hutchison Essar and since 2014 has wholly owned Vodafone India. The report said that Vodafone is expected to use the proceeds to buy additional radio spectrum and further expand its operations across India's crowded and cut-throat telecoms market.
Vodafone has recently acquired YOU Broadband in a Rs 350-Rs400 crore deal to strengthen its wireline operations ahead of commercial launch by Reliance Jio, which is laying its own fiber to offer FTTH services in the country.
