The IPO is expected to raise between $2 billion-$2.5 billion, Reuters previously reported, which, at the upper end, would make it India’s biggest stock market listing since state-owned Coal India LtdBSE 0.54 % raised $3.5 billion in 2010.
Deutsche Bank, HSBC and ICICI Securities have won joint book-runner roles, the people added, declining to be identified as the information is not public. Vodafone is likely to launch the IPO early next year, they said.
Vodafone said in November it had started preparations for floating its Indian subsidiary. IFR, a Thomson Reuters publication, said in a report the IPO is expected to raise $2 billion-$3 billion. The company was not immediately available for comment outside its regular business hours when Reuters attempted to contact it on Saturday.
Vodafone entered India in 2007, when it acquired a majority stake in Hutchison Essar and since 2014 has wholly owned Vodafone India, which operates in a market that has over a billion mobile subscribers – the second-biggest market in the world behind China.
Reuters reported last week that Vodafone had invited foreign and Indian banks to pitch for the Indian IPO. Kotak Investment Banking is a unit of Kotak Mahindra BankBSE 1.92 % . All six banks did not immediately respond to Reuters’ requests for comment.