Vodafone appoints six investment banks for $3bn India IPO

Telecom major Vodafone is getting closer to its initial public offering (IPO) plan in India and the company has already selected investment bankers for the issue.

Amongst the foreign bidders chosen for the mandate are Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and UBS, while the local banks pitching were Axis, JM Financial, ICICI Securities and Kotak.

Certain media reports have pegged the IPO size at around USD 2.0-2.5 billion, making it one of the biggest after the state-owned company Coal India, which was issued in 2010.