ICICI Prudential Asset Management Co., India’s second-largest asset manager, has begun investor roadshows ahead of its planned initial public offering, according to people familiar with the matter.
Backed by the UK’s Prudential Plc and India’s ICICI Bank Ltd., the firm is targeting a late October launch for the first-time share sale, the people said, asking not to be identified as the information is private.
The IPO involves the sale of 17.65 million shares, or a 10% stake held by Prudential, and could raise as much as 100 billion rupees ($1.1 billion), the people said. That would value the money manager at about $11 billion, they added.
Deliberations are ongoing and details, including timing and the IPO size could still change, the people said. Prudential declined to comment, while ICICI Bank and ICICI Prudential Asset did not immediately respond to requests for comment.
The company filed its draft red herring prospectus with the Securities and Exchange Board of India on July 8 and is awaiting its approval. It has appointed a record 18 lead managers for the offering, according to the preliminary documents.
ICICI Bank, which owns 51% of the joint venture, will not sell shares. Prudential owns the remaining 49%.
As of June, ICICI Prudential Asset oversaw 9.44 trillion rupees in assets, according to data from the Association of Mutual Funds in India. For the year ended March 31, the firm reported revenue of 49.77 billion rupees and profit of 26.50 billion rupees, according to the IPO document.
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