ICICI Prudential asset said to near nod for $1.1 billion IPO

Core Viewpoint - ICICI Prudential Asset Management Co. is nearing approval from India's securities regulator for a significant initial public offering (IPO), which could be one of the largest in the country this year [1][2]. Group 1: IPO Details - The Securities and Exchange Board of India (SEBI) is expected to grant approval in the coming days, with the company initiating discussions with potential investors and aiming for a launch next month [2]. - If successful, the IPO could elevate India's market above last year's record of nearly $21 billion, with the deal potentially raising up to 100 billion rupees ($1.1 billion) and valuing the firm at approximately $11 billion [3]. - ICICI Securities Ltd. and Citigroup are leading the IPO, supported by a record number of 16 additional banks in the syndicate [4]. Group 2: Company Background - The company submitted its draft red herring prospectus on July 8, proposing the sale of up to 17.65 million shares, representing a 10% stake [5]. - ICICI Bank Ltd. holds a 51% stake in the joint venture, while the remaining shares are owned by UK-based Prudential [5].