Vodafone India to postpone DRHP filing of its proposed Rs 20k-cr IPO till end 2016

The filing, previously expected in September or October, is being delayed because Vodafone wants to wait for new rival Reliance Industries to launch its telecoms services

Reuters August 26, 2016 10:46:22 IST
Vodafone India to postpone DRHP filing of its proposed Rs 20k-cr IPO till end 2016

Vodafone Group Plc's Indian unit is likely to delay filing the draft prospectus for its up to $3 billion initial public offering (IPO) until towards the end of the year, IFR reported on Thursday.

Vodafone India to postpone DRHP filing of its proposed Rs 20kcr IPO till end 2016

Reuters

The filing, previously expected in September or October, is being delayed because Vodafone wants to wait for new rival Reliance Industries to launch its telecoms services, IFR, a Thomson Reuters publication, cited a source as saying.

A Vodafone Group spokesman declined to comment when contacted by Reuters.

The IPO, expected to raise between Rs 13,300 crore and Rs 20,000 crore ($2-$3 billion), could potentially surpass a Rs 15,500 crore IPO by state-run Coal India in 2010 to become India's biggest IPO.

Vodafone India, the No.2 mobile phone carrier by market share and revenue, and other players in India's crowded telecoms market are bracing for the entry of Reliance Jio, a new telecom venture controlled by India's richest man Mukesh Ambani.

Reliance Jio, which has already invested $20 billion in buying airwaves and building its network, is expected to launch commercial operations later this year, and will add to the competitive intensity of the market.

Bank of America Merrill Lynch, Kotak and UBS are joint global coordinators and the bookrunners with Axis, Deutsche Bank, HSBC, ICICI Securities and JM Financial for the planned Vodafone IPO, according to IFR.

Updated Date:

also read

Sansera Engineering, Markolines Traffic Controls IPOs to launch this week
Business

Sansera Engineering, Markolines Traffic Controls IPOs to launch this week

The IPO price band of the Bengaluru-based auto component maker Sansera Engineering has been fixed at Rs 734-744 per share

JioPhone Next to be launched in time Diwali, delayed due do chip crisis and 'advanced testing'
Tech

JioPhone Next to be launched in time Diwali, delayed due do chip crisis and 'advanced testing'

Jio and Google said the companies have made 'considerable progress' towards launching the smartphone

Airtel's Sunil Bharti Mittal vows to bring telecom industry together; talks to VI's Nick Read, will reach out to Ambani
India

Airtel's Sunil Bharti Mittal vows to bring telecom industry together; talks to VI's Nick Read, will reach out to Ambani

Mittal also said that rather than being fierce competitors, time has come for all the telcos — Jio and VI included — to close ranks and work together as 'team India'