Vodafone India to delay IPO filing until end-2016

According to the International Financing Review (IFR), a Thomson Reuters publication, Vodafone India is likely to delay filing the draft prospectus for its up to $3 billion IPO until the end of 2016. The filing, previously expected in September or October 2016, is being delayed as Vodafone wants to wait for new rival Reliance Industries to launch its telecom services. Bank of America Merrill Lynch, Kotak Bank and UBS are joint global coordinators and Axis Bank, Deutsche Bank, HSBC, ICICI Securities and JM Financial are the bookrunners for the planned IPO. Expected to raise between Rs 133 billion and Rs 200 billion ($2-$3 billion), the IPO could potentially surpass the Rs 155 billion IPO by state-run Coal India Limited in 2010 to become India’s biggest IPO.

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