Vodafone India IPO: Short-listed banks to present their plans in London today

Banks picked out to manage Vodafone India's planned initial public offering (IPO) are will be making their presentations in the UK starting today, following which the lead bank may be selected by tomorrow or Wednesday.

The banks that would be presenting their proposals include both domestic and global entities like Goldman Sachs, Citibank, Morgan Stanley, Axis Bank and Kotak Mahindra Bank.

Prior to this, these banks have already made preliminary presentations to Rothschild, the advisor to the issue, which will be deciding the final four names, as directed by the authorities.

"The beauty parade in London will begin from Monday," a person aware of the proceedings told ET.

The listing is being done so that Vodafone India's debt, which is expected to increase after this years’ spectrum auction, can be managed.
As per Vodafone, its India business should be valued at par with larger rival Bharti Airtel, since it commands a premium over Bharti in the Indian market.

Even though the public offer was earlier set for June 2017, it may be postponed because of the joint venture between Vodafone Group and Liberty Group in the Netherlands, for which Vodafone will be making a cash payment of 1 billion to Liberty Global.

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