Prudential announces ICICI asset manager IPO filing in India

As part of the IPO, plans to sell up to 10% of its shares.

Prudential plc has announced that ICICI Prudential Asset Management has filed a draft prospectus in India for an initial public offering (IPO). 

The filing was submitted to the Securities and Exchange Board of India, as well as to the Bombay Stock Exchange and the National Stock Exchange.

As part of the IPO, Prudential’s subsidiary, Prudential Corporation Holdings, plans to sell up to 10% of its shares in the asset management company. 

The final size of the share sale will depend on market conditions, required approvals, and other factors.

Prudential also said it plans to sell up to 2% of its stake in the company to its joint venture partner, ICICI Bank, before the IPO, though this depends on final terms and approvals.

ICICI Prudential Asset Management is one of the largest asset managers in India.