SEBIs nod for ICICI Prudential AMC IPO: Huge Valuation targeted, OFS details & more
ICICI Prudential AMC's IPO gets SEBI nod, signaling a major listing in India's booming asset management industry. Valued at $12-12.5 billion, this OFS by Prudential Plc marks ICICI Group's fifth public offering. It highlights strong investor trust and the rapid growth of the Indian mutual fund market, attracting global interest.
New Delhi: Another big IPO is going to step into the Indian asset management industry market. The country's second largest asset management company ICICI Prudential AMC has received approval from market regulator SEBI for its IPO. The domestic mutual fund industry is growing rapidly and the trust of investors is also constantly holding together. With this listing, ICICI Group is preparing to launch another of its main units in the stock market.
Moneycontrol quoted sources saying that the company is planning to launch ICICI Prudential AMC IPO in the second week of December and it is expected to be listed by December 19. The public offer will be OFS (Offer for Sale), in which British company Prudential Plc is going to sell 10 percent of its shares. This 51:49 joint venture between the two sides has been running since 1998.
If this plan is completed, it will be the fifth listing of ICICI Group. The companies which are already listed in the market are as follows: ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard, and ICICI Securities.
ICICI Prudential IPO Valuation
ICICI Prudential AMC is targeting a valuation between 12 billion dollars (Rs 1,07,091 crore) to 12.5 billion dollars (Rs 1,11,438 crore) through this IPO. Since this is a complete OFS, the issue size is likely to range from 1.2 to 1.25 billion dollars. This could be one of the biggest listings of recent years in the Indian capital market
According to the report, in February, Prudential PLC said that India is their strategically important market and they plan to return the money received by selling their partial stake to their shareholders. At the same time, ICICI Bank has clarified that it will maintain its majority stake in AMC and will continue this long joint venture further.
This IPO is considered a big sign of the growing strength of the Indian mutual fund industry and the interest of global investors.
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