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ICICI Prudential AMC Sets IPO Price Band at Rs 2,061–2,165, Subscription Opens Dec. 12

The all-offer-for-sale deal by Prudential provides an exit without raising capital for the asset manager.

The offer includes a reservation of up to 24.48 lakh equity shares specifically for eligible ICICI Bank shareholders as defined in the RHP.

Overview

  • Anchor bidding is scheduled for Dec. 11, the public offer runs Dec. 12–16, share allotment is due Dec. 17, and listing is planned on the BSE and NSE on Dec. 19.
  • The issue is entirely an Offer for Sale by Prudential Corporation Holdings of up to 48,972,994 shares, so proceeds go to the selling shareholder and not to the company.
  • The offer includes a reservation of up to 2,448,649 shares for eligible ICICI Bank shareholders, as specified in the RHP.
  • The sale is reported to target Rs 10,000–10,300 crore (about $1.2 billion) and could value the company around $12 billion, according to Bloomberg.
  • ICICI Bank holds 51% and Prudential 49% of the AMC, which reports quarterly average AUM of Rs 10.87 lakh crore across 143 schemes serving 1.55 crore investors.