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Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Vodafone India mandates for up to US$3 billion IPO

Reuters
A retail shop owner speaks on his mobile phone outside his closed shop shutters painted with an advertisement for Vodafone at a market in the southern Indian city of Chennai December 30, 2013. REUTERS/Babu/Files

By Anuradha Subramanyan

(IFR) - UK telecom giant Vodafone has mandated Bank of America Merrill Lynch, Kotak and UBS 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 Rs 155 billion (US$2.3bn) record of Coal India as the country’s largest float.

Banks winning joint bookrunner slots are Deutsche Bank, 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 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.

(Reporting by S Anuradha)