Prudential set for USD1 billion as India JV with ICICI files for IPO

(Alliance News) - Prudential PLC on Wednesday said ICICI Prudential Asset Management Co Ltd has filed a regulatory document for its initial public offering in India.

Back in February, the London-based, Asia-focused insurer said it was evaluating a partial divestment and potential listing of ICICI Prudential, a joint venture in which it holds a 49% stake. Mumbai-based ICICI Bank Ltd holds the remainder.

Prudential on Wednesday said ICICI Prudential filed its 'draft red herring prospectus' with regulator the Securities & Exchange Board of India, as well as with exchange operators BSE Ltd and National Stock Exchange of India Ltd.

The IPO will comprise of the sale of up to 10% of Prudential's stake in ICICI Prudential. In addition, it has agreed to sell a 2% stake in the joint venture to partner ICICI Bank ahead of the IPO.

"The IPO and the amount of the offer for sale remain subject to market conditions, requisite approvals and other considerations," Prudential said.

Analysts back in February had valued Prudential's full 49% stake in ICICI Prudential around USD5 billion, suggesting a 10% stake is worth at least USD1 billion. Prudential itself has a market capitalisation of GBP24.13 billion.

Prudential shares were up 0.7% to 930.60 pence early Wednesday in London.

By Tom Waite, Alliance News editor

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