ICICI Prudential AMC set to float IPO on Dec 12

NEW DELHI, Dec 6: ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, is gearing up to launch its initial public offering (IPO) on December 12.According to market sources, the issue size is expected to be around Rs 10,000 crore.The company’s maiden public offering will conclude on December 16 and bidding for anchor investors will take place on December 11, according to the red herring prospectus.The issue is an entirely an offer for sale (OFS) of 4.89 crore equity shares by promoter — UK-based Prudential Corporation Holdings, with no fresh issue component.Since the issue is entirely an OFS, the company will not receive any capital from the offer, and the proceeds will go to the selling shareholder.At present, ICICI Bank holds 51 per cent stake. (PTI)