Reports indicate that Vodafone is preparing to conduct an IPO of its Indian business in the fourth quarter that could raise as much as $2.5 billion.
The operator is expected to file a draft prospectus for the IPO in August, Reuters reported, citing sources close to the deal.
According to the report, Vodafone has hired Bank of America, Kotak Investment banking and UBS AG as the global co-ordinators for the IPO. The bank selection process commenced in April.
With a potential value of up to $2.5 billion, the IPO would be India's largest public listing since 2010. Previous reports indicate that the value of the offer could be much larger, to the extent that the IPO has the potential to be India's largest ever float.
Vodafone has been considering an IPO of its Indian operations for years, but the process has been complicated in part by disputes with the governmentover tax demands and the merger of its operating businesses.