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 USD 11.86 billion).The company's Rs 10,602-crore maiden public offering will open on December 12 and conclude 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.This purchase will primarily be used to maintain the bank's majority shareholding in the event of the company granting stock-based compensation, the private sector bank has stated.
In February, the bank announced its intention to retain a majority holding in ICICI Prudential AMC even though its joint venture partner planned a listing and partial divestment of its stake in the fund house.This would be the fifth asset management firm to list on the exchanges, following HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
(L–R) Mr. Nimesh Shah (Managing Director & CEO); Mr. Sandeep Batra, (Chairman), ICICI Prudential Asset Management Company Limited at the IPO press conference of ICICI Prudential Asset Management Company Limited held on Monday in Mumbai. |
Moreover, this would be the fifth entity from the ICICI Group to be listed, after ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, and ICICI Securities.ICICI Prudential AMC will make its stock market debut on December 19.The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
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