Macleods picks banks for $1-billion offering

Macleods Pharmaceuticals has selected banks, including Edelweiss Financial Services and ICICI Securities to manage its Mumbai initial public offering, according to people familiar with the matter. The 35-year-old company has also picked Jpmorgan Chase & Co. for the listing, the people said. More bankers could be added later, they said. Macleods could raise about $1 billion from the listing, one of the people said.

The Mumbai-based company is planning to file its initial draft prospectus by January and is targeting a listing as soon as next year, the people said.

Macleods’ offering will mostly consist of secondary shares, the people said. It may decide to also sell a small number of primary shares, one of the people said.