Prudential Plc Hires Citigroup for Potential ICICI Prudential IPO
Prudential Plc has reportedly engaged Citigroup Inc. for a potential initial public offering (IPO) of its Indian unit, ICICI Prudential Asset Management Co. Sources familiar with the matter have indicated that the listing could raise approximately $1 billion.
ICICI Prudential Asset Management is jointly owned by ICICI Bank Ltd., India's second-largest private sector lender, and Prudential, a UK-based insurer. Prudential recently announced its intention to explore an asset management listing that would entail a partial divestment and distribution of proceeds to shareholders.
Preparations for the IPO are preliminary, and details may evolve. Citigroup declined to comment on the matter, and ICICI did not respond to IPO inquiries. Prudential has also remained silent on the issue.
ICICI Bank intends to maintain its majority stake in ICICI Prudential Asset Management. Last year, Indian IPOs raised approximately $20 billion, making India the world's second-busiest IPO market after the US.
Beyond its Indian venture, Prudential is also considering options for its asset manager, Eastspring Investments, including the sale of a minority stake to expand its operations.
Prudential's shares have climbed 13% year-to-date, valuing the company at around $24 billion.