Vodafone India valued at Rs 93,400 crore ahead of IPO

Vodafone India planning IPO
Vodafone plans IPO

Vodafone India is planning an initial public offer (IPO). The company’s parent Vodafone Plc has valued its Indian arm at Rs 93,400 crore after the latest round of equity infusion of Rs 47,700 crore. Vodafone India is likely to file for an IPO in early 2017.

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Vodafone India has a paid-up equity capital of Rs 2,813.3 crore. The latest equity infusion into Vodafone India pegged its equity value at Rs 93,401.42 crore, a bit higher than what listed telecom companies are valued at this point in time.

Bharti Airtel trades at an enterprise value (EV) to EBITDA ratio of seven times for the financial year 2016-17, compared to Vodafone India which currently has an EV/EBITDA ratio of 6.5 times. Bharti has more than double the revenue and more than three times the EBITDA of Vodafone India.

The company earned revenue of Rs 44,532 crore for the year ended March 31, 2016, and had an earnings’ before interest, tax, depreciation and amortisation of Rs 13,125 crore and an adjusted operating profit of Rs 4,624.8 crore during the same period.

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