ICICI Prudential AMC Launches Roadshows for Massive Rs 10,000 Crore IPO
ICICI Prudential Asset Management, India's second-largest asset manager, has begun investor roadshows for its upcoming IPO, aiming to raise Rs 10,000 crore ($1.1 billion). The offering involves selling 17.65 million shares, a 10% stake held by Prudential Plc, valuing the company at $11 billion. The IPO is targeted for late October launch. ICICI Prudential, a joint venture between ICICI Bank (51%) and Prudential Plc (49%), filed its draft prospectus in July and appointed 18 lead managers. The company reported assets under management of 9.44 trillion rupees, with revenue of 49.77 billion rupees and profit of 26.50 billion rupees for the fiscal year ended March 31.
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ICICI Prudential Asset Management Co., India's second-largest asset manager, has kicked off investor roadshows for its highly anticipated initial public offering (IPO). The company is targeting a late October launch for the IPO, which is expected to raise a substantial Rs 10,000 crore ($1.1 billion).
IPO Details
The IPO involves the sale of 17.65 million shares, representing a 10% stake currently held by Prudential Plc. This offering is set to value the company at approximately $11 billion, marking a significant milestone in India's asset management industry.
Ownership Structure
ICICI Prudential Asset Management is a joint venture between two financial powerhouses:
- ICICI Bank Ltd. (India): Holds a 51% stake
- Prudential Plc (UK): Owns a 49% stake
It's important to note that only Prudential Plc will be selling shares in this IPO, while ICICI Bank will retain its entire stake in the company.
IPO Preparations
The asset management firm has been diligently preparing for this public offering:
- Filed its draft prospectus in July
- Appointed 18 lead managers to oversee the offering
- Commenced investor roadshows to generate interest and momentum
Company Performance
ICICI Prudential Asset Management has demonstrated strong financial performance:
| Metric | Value |
|---|---|
| Assets Under Management | 9.44 trillion |
| Revenue (FY ended March 31) | 49.77 billion |
| Profit (FY ended March 31) | 26.50 billion |
These figures underscore the company's significant presence in India's asset management sector and its ability to generate substantial returns.
Market Impact
As India's second-largest asset manager, ICICI Prudential AMC's IPO is likely to draw considerable attention from both domestic and international investors. The offering could potentially set new benchmarks for the valuation of asset management companies in the Indian market.
The success of this IPO may also pave the way for other asset management firms considering public listings, potentially leading to increased transparency and liquidity in the sector.
Investors and market watchers will be closely monitoring the progress of the roadshows and the subsequent IPO launch, as it could provide valuable insights into the appetite for financial sector stocks in the current market environment.
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