New Delhi, Nov. 15 -- 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 Rs.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.

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