ICICI Prudential AMC’s Rs 10,602-cr IPO on Dec 12

New Delhi: ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, on Monday announced a price band of Rs 2,061 to Rs 2,165 per share for its upcoming initial public offering (IPO), valuing the company at Rs 1.07 lakh crore (around $11.86 billion).

The company’s Rs 10,602-crore maiden public offering will open on December 12 and con-clude on December 16.

The bidding for anchor investors will take place on December 11. The issue is an entirely Offer-for-Sale (OFS) of over 4.89 crore equity shares by promoter -- UK-based Prudential Corporation Holdings, with no fresh issue component, according to a public announcement made by ICICI Prudential AMC.

Since the issue is entirely an OFS, the company will not receive any capital from the offer, and the proceeds will go to the selling shareholder. At present, ICICI Bank holds a 51 per cent stake in the asset management company, while the remaining 49 per cent is held by its joint venture partner, Prudential Corporation Holdings.

On June 28, ICICI Bank stated that its board approved an additional 2 per cent increase in stake in ICICI Prudential AMC.