ICICI Prudential AMC Said To Near Nod For $1.1 Billion IPO
The Securities and Exchange Board of India has signaled it will grant approval in the coming days.
ICICI Prudential Asset Management Co. is close to securing approval from India’s securities regulator to go public, according to people familiar with the matter, paving the way for one of the country’s biggest initial public offerings this year to kick off.
The Securities and Exchange Board of India has signaled it will grant approval in the coming days, the people said, asking not to be identified as the information is private. The company has started preliminary discussions with prospective investors and is aiming to launch the offering next month, the people said.
Should the offering occur this year, it may help push India’s IPO market above last year’s record of almost $21 billion, according to data compiled by Bloomberg. The deal could raise as much as 100 billion rupees ($1.1 billion) and value the nation’s second-largest mutual fund manager by assets at about $11 billion, people familiar with the matter have said.
ICICI Securities Ltd. and Citigroup are leading the issue, with as many as 16 additional banks joining the syndicate, a record for Indian IPOs. SEBI, ICICI Prudential and the deal’s main banks didn’t respond to emails seeking comment. Prudential Plc declined to comment.
The company submitted its draft red herring prospectus more than four months ago on July 8, saying the plan involves Prudential’s sale of as many as 17.65 million shares, or a 10% stake. ICICI Bank Ltd. holds 51% of the joint venture, while UK-based Prudential owns the rest.
