Chennai-based Kamarajar Port Ltd has picked three investment banks for an initial public offering (IPO) that would make it India's first listed state-backed port.
The country's first corporate major port has hired SBI Capital Markets Ltd, IDBI Capital Markets & Securities Ltd, and ICICI Securities Ltd as the book-running lead managers for the offer, two people aware of the development told Mint.
The IPO is likely to include an offer for sale of about ₹1,200 crore, while a fresh issue could be decided at a later stage, a document issued by the port earlier in September showed.
Valuation discussions are still some time away, but the IPO is likely to be completed within calendar 2027, Mint has learnt.
Emails sent to Kamarajar Port, SBI Capital, IDBI Capital and ICICI Securities on 14 November did not elicit responses until press time.