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Vodafone India chooses joint investment bankers for IPO launch: Report


Vodafone India, the Indian subsidy of the Vodafone Group has chosen Bank of America Merrill Lynch, Kotak Investment Banking and UBS as its joint global advisors for its expected IPO launch in India, reports Livemint. Other names include Deutsche Bank, HSBC and ICICI Securities. MediaNama has written to Vodafone for a statement, and is yet get a reply from the company’s side

Last month, a Reuters report stated that Vodafone India was in talks with investment bankers such as ICICI Securities, Citigroup, Morgan Stanley and Goldman Sachs to raise anywhere around $2 billion and $2.5 billion.

Vodafone is the among the top three operators in India who has not launched an IPO since its entry in India through a majority stake purchase in Hutchinson Essar in 2007. Its parent company, the Vodafone Group had bought out Vodafone India’s minority stakeholders like Analjit Singh and Piramal Healthcare to acquire 100% stake in the company, in April 2014.

It has continuously been among the top three operators in the country, which includes Airtel, and Idea. However, note that Airtel had launched its IPO in 2007, while Idea also went the IPO way in 2007 as well.

Timeline of Vodafone’s expected IPO

November 2012- Former Vodafone CEO Martin Pieters had said during the company’s Q2-FY13 earnings conference call that the company does intend to go for an IPO but was awaiting clarity on regulatory matters including spectrum fee, re-framing, 3G ICR and other related developments.

October 2013- The company reportedly put its IPO plans on hold due to lack of clarity regarding license extensions and pricing of spectrum. The company had also been entangled in a tax dispute case with the Indian government since 2013, which got resolved last year.

October 2015- It then reportedly was in talks with investment bankers for an IPO launch and had apparently started preparatory work for the launch, according Vodafone Group CEO Vittorio Colao. Vodafone spokesperson Ben Padovan told Bloomberg that its IPO would be subjected “a number of factors including market and industry dynamics in India.”

November 2015– A Vodafone source told TechCirlce that it has already begun preparations for a potential IPO of Vodafone India, subject to market conditions.

February 4- However, Nick Read, Chief Financial Officer of Vodafone, said during a conference call that its IPO is unlikely to happen this year due to “the speed at which the spectrum auctions are moving”.

April 22- Vodafone India was reported to have been in talks with several investment bankers to launch its initial public offering, according to this Reuters to raise $2 to $2.5 billion.

YOU Broadband acquisition: Last month, Vodafone India had acquired TRG Capital owned internet service provider YOU Broadband for around Rs 350-400 crore. A Telecomtalk report seems to have hold of pamphlet issued by Vodafone. In it, both companies are offering 4 different quarterly broadband plans at 10Mpbs, 50Mbps and 100Mbps speeds.

Vodafone Investments in India : In February, Vodafone had said that it will invest Rs 6,000 crore in Maharashtra for capacity augmentation,  setting up a data center in Airoli as well as a payments bank headquartered in Mumbai. In November last year, Vodafone said that it would invest Rs 13,000 crore for enhancing network coverage and other initiatives.

Read our coverage on Vodafone


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