ICICI Prudential AMC Prepares for Major IPO Launch

ICICI Prudential Asset Management Company, a subsidiary of ICICI Bank, is set to initiate its IPO on December 12 with an anticipated issue size of Rs 10,000 crore. The offering, an exclusively offer for sale, concludes on December 16. Current holdings by ICICI Bank stand at 51 percent.

ICICI Prudential Asset Management Company (AMC) is ready to launch its initial public offering (IPO) starting December 12, according to inside sources. This IPO, valued at approximately Rs 10,000 crore, is an exclusive offer for sale (OFS) with no fresh issue component.

The IPO bidding will conclude on December 16, with anchor investors scheduled to participate on December 11, as per the red herring prospectus. Being a complete OFS, the company will not retain any funds, which will instead be directed to the selling shareholder, UK-based Prudential Corporation Holdings.

Currently, ICICI Bank owns 51% of ICICI Prudential AMC, and the bank's board recently approved the purchase of an additional 2% stake. This move is aimed at sustaining majority ownership in anticipation of potential stock-based compensation by the company.

(With inputs from agencies.)