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Citi, BofA among shortlisted for Coal India IPO

Citi, BofA among shortlisted for Coal India IPO

Mumbai: Citigroup, Bank of America Merrill Lynch and Deutsche Bank are among six banks that have been shortlisted for a $2.7 billion IPO in Coal India Ltd, four sources with direct knowledge said.

Morgan Stanley, Kotak Mahindra Capital and Enam Securities are also on the shortlist for managing what could be the country’s largest-ever initial public offering, the sources said.

The sources could not be named as they are not authorized to speak with the media.

An official announcement will be made after the department of disinvestment, which handles state asset sales, gets the approval of the finance ministry, one source said.

Officials at the department could not immediately be reached, while the shortlisted banks declined comment.

Coal India, the world’s largest coal miner, aims to file draft IPO documents by mid-June and it is targeting a listing by end-July or early August, chairman Partha Bhattacharyya said in April.

India raised $2.2 billion in March through an 8.4% divestment in miner NMDC, as part of its plans to sell stake in about 60 state-run companies over the next few years to help it bridge its fiscal deficit.

An IPO in government utility Satluj Jal Vidyut Nigam to raise up to $240 million was fully covered on the final day on Monday.

Engineers India, Steel Authority of India Ltd and Hindustan Copper are some other firms where the government will sell stakes.

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