Vodafone has reportedly commenced the bank selection process for a planned float of its Indian unit, which could prove to be India's largest IPO yet.
The company has asked interested investment banks to sign NDAs so it can provide more detailed information about the unit, Bloombergreported, citing people familiar with the matter.
Vodafone may be ready to pick advisers by next month, the sources said. Around 10% of the Indian unit could be sold as part of the IPO.
According to Bloomberg, Vodafone India has a potential valuation of around $20 billion, which would make the IPO the largest in India to date.
Vodafone has been planning to conduct an IPO for Vodafone India for some time, but macroeconomic, regulatory and market conditions have stood in the way.
On the record, Vodafone spokesperson Matt Morgan commented that “[w]e have previously stated that we have started preparations for a potential IPO, which includes private conversations with banks, but this is a lengthy process and no decision will be made until we are at the end of it.”