Prudential files draft prospectus for ICICI Asset Management IPO

Prudential Plc has announced that ICICI Prudential Asset Management Company Limited has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), BSE Limited, and National Stock Exchange of India Limited, for an IPO. The IPO comprises an offer for sale of up to 10% of the equity share capital in ICICI Prudential Asset Management by Prudential Corporation Holdings Limited, a subsidiary of Prudential. Prudential also announced that PCHL has entered into an inter-se agreement with ICICI Bank Limited stating its intention to divest up to 2% of the equity share capital in IPAMC to ICICI prior to the IPO. The IPO and amount of the offer for sale remain subject to market conditions, requisite approvals, and other considerations.