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Vodafone invites pitches from banks for India IPO

Vodafone India, IPO

HONG KONG: Vodafone Group has invited banks including Citigroup, Goldman Sachs and Morgan Stanley to submit pitches for running the book of its India's IPO, likely to raise $2-$2.5 billion, people with direct knowledge of the deal said.

Other banks, who have been asked to make pitches for the mandate of the stock market listing, set to be India's biggest in six years, are Bank of America Merill Lynch and UBS Group, these people said.

Indian banks ICICI Securities and Kotak Investment Banking, have also been approached said the people, who did not want to be named as the process to select banks for the IPO is confidential.

Vodafone, which in November said it had started preparations to float its Indian unit, declined to comment. Goldman Sachs, UBS and Bank of America Merrill Lynch declined to comment. Citigroup, Morgan Stanley and the Indian banks also did not respond to request for comment.

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