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.
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 could not immediately be reached for a comment.
The IPO, expected to raise between 133 billion rupees and 200 billion rupees ($2-$3 billion), could potentially surpass a 155-billion rupees IPO by state-run Coal India in 2010 to become India’s biggest IPO.
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. ($1 = 67.0450 Indian rupees)