India's GMR Infrastructure Ltd. has reportedly hired four banks including Citigroup and JPMorgan to manage the listing of its airport business. The proposed initial public offering is expected to raise $300 million to $350 million. According Reuters, GMR has also picked Axis Bank subsidiary Axis Capital and Infrastructure Development Finance Company (IDFC) for the public offering.
GMR's business interests include airports, power and roads. It operates airports in New Delhi, Hyderabad and Istanbul in Turkey in partnership with other companies. GMR owns majority stakes in both New Delhi and Hyderabad airports, the report said.
GMR's founders and private equity investors, including Standard Chartered, will be selling some of their shares in the airport unit IPO. The said listing is expected in the second half of next year, Reuters said.
GMR is part of a consortium likely to win a $400 million tender to operate the Philippines' Mactan-Cebu International Airport. It is also in talks to sell its 40% stake in Istanbul's Sabiha Gokcen Airport, the report said.
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