India`s ICICI Prudential Asset Management targets $11.9 billion valuation in IPO
ICICI Prudential Asset Management Company is aiming for a valuation of up to 1.07 trillion rupees ($11.90 billion) in its initial public offering, according to a filing on Sunday, and has set a price band of 2,061 to 2,165 rupees per share.
A joint venture between ICICI Bank and UK-based Prudential, the company will see Prudential sell around 10% of its stake, more than initially planned, after issuing bonus shares earlier this year.
The pure offer-for-sale IPO, worth 106.03 billion rupees, opens for subscription on Friday and closes on December 16, with anchor bids on Thursday.
The listing is set to push India's 2025 IPO fundraising past a record $20.5 billion seen last year, following strong debuts from other global groups' local units such as LG Electronics and Hyundai Motor Co.
This year also saw IPOs from other capital market players, including stock brokers Groww and Anand Rathi Share and Stock Brokers, amid a boom in retail investing.
ICICI Prudential AMC manages 10 trillion rupees in assets, and its profit for the six-month period ended September 30 rose 22% to 16.2 billion rupees.
Trading in the shares is expected to begin on December 19.
($1 = 89.9340 Indian rupees)
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