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Vodafone India mandates for up to US$3bn IPO

Reuters - UK Focus

By Anuradha Subramanyan

April 29 (IFR) - UK telecom giant Vodafone has mandated Bank of America Merrill Lynch, Kotak and UBS (LSE: 0QNR.L - news) as joint global coordinators for the IPO of its Indian unit, according to two sources.

The IPO is expected to raise US$2bn-$3bn, potentially smashing the Rs155bn (US$2.3bn) record of Coal India (Other OTC: CLNDY - news) as the country's largest float.

Banks winning joint bookrunner slots are Deutsche Bank (LSE: 0H7D.L - news) , HSBC and ICICI Securities, sources said. Pitch meetings were held on Monday and Tuesday of this week.

The foreign bidders for the mandate were Bank of America (Swiss: BAC.SW - news) Merrill Lynch, Citigroup (NYSE: C - news) , Deutsche Bank, Goldman Sachs (NYSE: GS-PB - news) , HSBC, JP Morgan (Other OTC: MGHL - news) , Morgan Stanley (Xetra: 885836 - news) and UBS, while the local banks pitching were Axis (LSE: 0GWC.L - news) , JM Financial (BSE: JMFINANCIL.BO - news) , ICICI Securities and Kotak. (Reporting by S Anuradha)