ICICI Prudential AMC IPO: Promoter To Sell Shares Worth Rs 10,300 Crore

ICICI Prudential Asset Management Co. filed draft papers with the Indian capital markets regulator, SEBI, for an initial public offering of shares held by the UK promoter on late Tuesday.

Prudential Corp. has offered to sell over 1.76 crore equity shares via the IPO. The face value of the share is Rs 1. There is no fresh issue component and all the proceeds from the IPO will go to the selling promoter.

The offering could raise as much as $1.2 billion or around Rs 10,300 crore and value the company at around $12 billion, Bloomberg News has reported. The IPO could be the country’s second-biggest offering this year behind HDB Financial Services.

ICICI Bank Ltd. owns 51%, while its UK partner has 49%. The private lender on Tuesday signed an inter-se agreement with Prudential to purchase up to 2% of fully diluted pre-IPO share capital of the ICICI Prudential AMC, prior to the consummation of the IPO.

"This purchase will primarily be towards maintaining the Bank’s majority shareholding in the event of grant of stock-based compensation by the company," the bank said in an exchange filing.

ICICI Prudential AMC will become the fifth ICICI Group company to go public.

BofA Securities India Ltd., Citigroup, SBI Capital Markets Ltd. are among the 18 managers for the IPO.