New Delhi, Sept. 13 -- Kamarajar Port Ltd, India's first corporate major port, is preparing to go public, in what would make it the country's only listed state-backed port.

The Chennai-based port has begun the process of appointing investment banks for an initial public offering (IPO), according to a document reviewed by Mint. The IPO is likely to include an offer for sale of about Rs.1,200 crore, while a fresh issue could be decided at a later stage, the document said.

The Chennai Port Authority, which wholly owns Kamarajar Port, is seeking up to three bookrunning lead managers to structure and manage the issue.

Investment banks are expected to begin pitching for the mandate next week. The port has already held a pre-bid meeting with ...