Prudential plans $300 million pre-IPO share sale in Indian joint venture

Core Viewpoint - Prudential Plc is planning to raise up to $300 million through a share placement in ICICI Prudential Asset Management Co. ahead of its initial public offering (IPO) in India [1][2]. Group 1: Share Placement and Investor Interest - The UK-based insurer has initiated discussions with potential investors, with around 15 institutions showing interest in the pre-IPO placement [2]. - A final decision regarding the share placement will be made once ICICI Prudential AMC obtains regulatory approval for the IPO [2]. Group 2: IPO Details and Market Impact - The IPO is projected to raise as much as $1.1 billion, valuing ICICI Prudential AMC at approximately $11 billion, making it the second-largest mutual fund manager in India by assets [3]. - If the IPO is completed this year, it could further enhance India's robust IPO market, which reached a record $21 billion last year [3]. Group 3: Regulatory Approval and Company Actions - Ongoing deliberations may lead to changes in the pre-IPO plans, and Prudential has filed its draft red herring prospectus on July 8, indicating plans to offer up to 17.65 million shares, representing a 10% stake in the joint venture [4].