ICICI Prudential AMC is all set to launch its initial public offering (IPO) on Friday, December 12. The main IPO will remain for bidding on December 16.
The ICICI Bank subsidiary announced the price band of $2061 to $2,165 per share, with a nominal value of $1 for its next IPO.
ICICI AMC has announced that the minimum IPO bid size will be 6 shares, and investors will be able to bid in multiples of 6. The company’s first public issue will close on December 16, while the offer by anchor investors is scheduled for December 11, according to the red herring prospectus.
The IPO consists entirely of an offer for sale (OFS) of 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings. Since it is a pure OFS, no new shares are issued and the company will not receive any funds; The profits will go to the selling shareholder.
Currently, ICICI Bank owns 51% of the asset management company, while the remaining 49% is held by Prudential Corporation Holdings.
On June 28, ICICI Bank said its board of directors approved the purchase of an additional 2% stake in ICICI Prudential AMC. The bank noted that this move is aimed at maintaining its majority ownership, especially if the AMC grants stock-based compensation in the future.
Earlier in February, ICICI Bank had confirmed that it intends to maintain its majority stake even as its joint venture partner plans to list AMC and partially dilute its stake. Once listed, it would become the fifth asset management company on the bourses, joining HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
It would also be the fifth ICICI Group entity to list, after ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance and ICICI Securities.
ICICI Prudential AMC IPO GMP today
ICICI Prudential AMC IPO shares are trading at $115 each in the gray market, depending on the investor’s profit. This means that ICICI Prudential AMC IPO’s GMP +115.
Disclaimer: This story is for educational purposes only. Consult an investment advisor before making any investment decisions.
