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ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to seek approval to launch an initial public offering (IPO). The proposed IPO comprises an offer for sale (OFS) of 1.76 crore equity shares by promoter -- UK-based Prudential Corporation Holdings, with no fresh issue component. Since the issue is entirely an OFS, the company will not receive any capital from the offer, and the proceeds will go to the selling shareholder. 

At present, ICICI Bank holds 51 per cent stake in the asset management company, while the remaining 49 per cent is with its joint venture partner Prudential Corporation Holdings. On June 28, ICICI Bank’s board approved an additional 2 per cent increase in stake in ICICI Prudential AMC. This purchase will primarily be towards maintaining the bank's majority shareholding in the event of the grant of stock-based compensation by the company. The company's IPO will be managed by 18 merchant bankers, including Citigroup Global Markets India, Morgan Stanley India Company, BofA Securities India, Axis Capital, SBI Capital Markets and ICICI Securities. 

ICICI Prudential is involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients. In addition to its mutual fund business, the company has a growing alternatives business across PMS, AIF and offshore businesses.