The IPO listing will take place on December 12. (file photo)
These days there is a queue of IPOs (Initial Public Offering) in the share market. Many big companies are coming to the market with IPO. Meanwhile, a company has already raised Rs 4,815 crore before IPO listing. This company is ICICI Prudential Asset Management, whose IPO is going to open from 12th December. 26 big investors from the country and the world participated in this funding. This is being considered a big step before the company’s upcoming IPO.
ICICI Prudential Asset Management Company is a subsidiary of ICICI Bank, the country’s second largest private bank. The total value of its IPO is approximately Rs 10,602 crore. However, before the IPO opens on December 12, UK company Prudential Corporation has sold its 4.5% stake for Rs 4,900 crore. ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential PLC. Apart from ICICI Bank, other domestic and foreign investors have also invested about Rs 2,675 crore. This investment has been made at an upper price of Rs 2,165 per share.
These giants invested
Prominent investors included the Jhunjhunwala family, Prashant Jain’s 3P India Equity India Fund, Lunet Capital, University of California for IIFL Asset Management, Serv Investments, PI Opportunities Fund – II, 360One Funds, DSP India Fund, WhiteOak Capital India Opportunities Fund, HCL Capital, Manish Chokani and Madhusudan Kela. Apart from this, insurance companies like SBI Life Insurance Company, HDFC Life Insurance Company, Kotak Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Life Insurance Company, Tata AIG General Insurance Company and Go Digit General Insurance also participated in the pre-placement. Kedra Capital Public Markets Fund, TIMF Holdings, Malabar India Fund and Clarus Capital I were some of the other investors. There is a proposal for sale of up to 48,972,994 shares by IPO promoter Prudential Corporation Holdings Limited.
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IPO information
The upcoming IPO of ICICI Prudential AMC will be worth Rs 10,602.65 crore. The company has fixed the price band of Rs 2,061 to Rs 2,165 per share for this. One lot will include 6 shares. This issue is a pure offer-for-sale (OFS), in which Prudential Corporation Holdings is going to sell its stake of 4.89 crore shares (which is 9.9% of the pre-offer paid-up equity). No new shares will be issued in this offer. Anchor bidding for this IPO will take place on December 11. The issue will remain open for general investors till December 16. After this, the allotment of shares will be decided on 17th December. The listing date is fixed for December 19 and these shares will be available on both BSE and NSE exchanges.