Prudential unit files IPO to sell 9.91% stake

It has filed a Red Herring Prospectus for the IPO.

ICICI Prudential Asset Management Company Limited (IPAMC) has filed an IPO comprising an offer for sale of up to 9.91% of the equity share capital in IPAMC by Prudential Corporation Holdings Limited (PCHL).

IPAMC filed the Red Herring Prospectus (RHP) for the IPO in the Securities and Exchange Board of India (SEBI), Prudential plc said in a bourse filing.

The IPO and the amount of the offer for sale remain subject to market conditions, approvals, and other considerations, it added.

Prudential plc also said that it is considering a private sale of 2% of IPAMC to ICICI Bank Limited, and an additional pre-IPO placement to select institutional investors before the completion of the IPO.

The RHP is filed with the Registrar of Companies and Delhi and Haryana at Delhi, BSE Limited 
(BSE), and National Stock Exchange of India Limited (NSE), the firm added in the filing.

IPAMC is the book running lead manager to the IPO, SEBI, BSE, and NSE.