ICICI Prudential Asset Management is set to launch its Indian IPO

 

ICICI Prudential Asset Management is set to launch its Indian IPO next week, with British insurer Prudential (PRU.L) preparing to divest nearly 10% of its shareholding in the company.

 
According to a regulatory filing released late Friday, Prudential plans to offer up to 49 million shares in the public issue — a significant increase from its earlier intention to sell 17.7 million shares. The hike in the offer size comes after the asset manager issued bonus shares earlier this year, which expanded the company’s total outstanding share count.

 
ICICI Prudential Asset Management, which submitted its IPO paperwork in July, is jointly owned by ICICI Bank (ICBK.NS), India’s second-largest private-sector bank with a 51% stake, and Prudential Plc, which holds the remaining share.

 
The IPO subscription window will run for three days starting December 12, while anchor investors will have the opportunity to place bids on December 11. The company anticipates listing its shares on the Indian stock exchanges on December 19.

 
Notably, the AMC itself is not issuing any fresh equity in this offering, and ICICI Bank will not dilute its ownership in the IPO. The entire issue consists of an offer for sale by Prudential.

 
Reuters previously reported that the company aims to secure a valuation of around $12 billion through the share sale, which is expected to raise roughly $1.2 billion.

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