ICICI Prudential AMC's Rs 10,600 Cr IPO

ICICI Prudential AMC, a big company that manages investments, is going public with an IPO worth ₹10,600 crore.

It starts on December 12 and ends on December 16.

Each share costs between ₹2,061 and ₹2,165.

The company's parent, Prudential Corporation Holdings, is selling 4.89 crore shares.

ICICI Bank, which owns 51% of the company, wants to keep its majority stake.

In the grey market, the shares are trading at a premium of ₹115.

This IPO will make ICICI Prudential AMC the fifth asset management company to be listed in India.

After the IPO, there is speculation about whether ICICI Bank will use the proceeds to strengthen its balance sheet or reward its shareholders.

Prudential Corporation Holdings has to dilute another 15% in ICICI Prudential AMC over the next 5 years to meet the minimum public float norm of 25%.

ICICI Bank has also executed a share purchase agreement to acquire an additional 2% shareholding in ICICI Prudential AMC for ₹2,140 crore.