Dec 5 (Reuters) - ICICI Prudential Asset Management will launch its Indian initial public offering next week, with British insurer Prudential planning to sell about a 10% stake in the company.
ICICI Prudential's India IPO Set to Launch December 12
Dec 5 (Reuters) - ICICI Prudential Asset Management will launch its Indian initial public offering next week, with British insurer Prudential planning to sell about a 10% stake in the company.
Prudential will sell up to 49 million shares in the IPO, compared with an earlier plan of 17.7 million shares, ICICI Prudential said in a filing late on Friday. The asset manager issued bonus shares earlier this year, increasing its outstanding shares.
The fund house, which had filed for the IPO in July, is a joint venture between India's second-largest private lender, ICICI Bank, which holds a 51% stake, and Prudential, which owns the rest.
The three-day share sale will open on December 12, with anchor investors bidding a day earlier on December 11. The stock is expected to be listed on Indian exchanges on December 19.
The asset manager is not selling new shares and ICICI is not offloading any of its stake in the IPO.
Reuters reported last week that the company is targeting a valuation of $12 billion through the $1.2 billion IPO.
(Reporting by Kanjyik Ghosh in Barcelona and Chris Thomas in Mexico City; Editing by Louise Heavens and Paul Simao)
