UK-based Vodafone Group Plc has revived its plans to list its local wholly-owned subsidiary Vodafone India at the domestic bourses, sources have told CNBC-TV18.
Following several reported attempts to list India’s second-largest telecoms carrier, it is learnt that Vodafone has now appointed NM Rothschild to work on the contours of a public listing, which is expected to be among the largest ever in India at USD 3-4 billion.
The report, which is expected to help the parent company arrive at the subsidiary’s valuation, is expected to be submitted by August 2015. Vodafone is planning to complete the IPO process by the last (March) quarter of the current fiscal (2015-16).
Sources said Vodafone India’s enterprise value (expected market value plus debt minus cash) is seen at over USD 30 billion (about Rs 1.90 lakh crore), after accounting for the company’s USD 11 billion debt.
Rival Bharti Airtel’s market capitalization currently stands at about Rs 1.63 lakh crore (about USD 25.6 billion).
When contacted, Vodafone Plc said it could not “comment on a potential listing of Vodafone India at this point” though it may consider an IPO “at some point in the future”.
Vodafone India recently announced its full-year revenues grew from Rs 37,606 crore in fiscal year 2013-14 to Rs 42,352 crore in FY15.
The company's strong performance was aided by a solid 65 percent jump in data revenues to Rs 5,690 crore.
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