Prudential Plc is looking to raise up to US$300 million through a pre-IPO share placement in ICICI Prudential Asset Management Co, according to sources. The UK insurer has started discussions with potential investors, with around 15 institutions expressing interest, the sources said, noting that details remain private.
The company will finalise the plan once ICICI Prudential AMC secures regulatory approval for its IPO. India’s Securities and Exchange Board is expected to grant the green light in the coming days, Bloomberg News earlier reported.
The IPO could raise as much as 100 billion rupees (US$1.1 billion) and value India’s second-largest mutual fund manager at about US$11 billion, according to people familiar with the matter. If completed this year, the listing could further lift India’s robust IPO market, which hit a record US$21 billion last year.
Talks are still ongoing, and the pre-IPO terms may change, the sources said. Prudential declined to comment, while ICICI Prudential AMC has yet to respond to queries.
