A Citigroup representative declined to comment and ICICI didn’t respond to a query on the IPO. Prudential didn’t immediately reply to requests for comment.
ICICI Prudential Asset Management is jointly owned by India’s second largest-private sector lender ICICI Bank and UK-based insurer Prudential.
Prudential said Wednesday it was evaluating a listing of the asset management business that would involve a partial divestment of its holding and returning the proceeds to shareholders. Prudential’s shares closed at a seven-month high following the announcement. ICICI Bank has said it plans to retain its majority stake.
About US$20 billion was raised in Indian IPOs last year, including a record-breaking listing by Hyundai Motor’s local business, making it the world’s second-busiest market after the US.
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Beyond a possible listing of its India venture, Prudential is considering options for asset manager Eastspring Investments, including selling a minority stake to help broaden the business, Bloomberg News has reported.
Prudential shares have risen 13% this year through Wednesday, valuing the company at about US$24 billion.
