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ICICI Prudential AMC, India's second-largest asset manager, is planning a move into private equity to strengthen its investment capabilities in emerging businesses. The company is seeking regulatory approval to acquire ICICI Ventures and is also in talks to launch retirement funds. The firm manages over INR 10 trillion (USD 110.92 billion) in assets and is targeting a valuation of INR 1.07 trillion (USD 11.9 billion) for its upcoming IPO. Prudential will sell around 10% of its stake, with subscriptions open this Friday and closing on December 16.
India's second-largest asset management company, ICICI Prudential AMC, is preparing to expand into the private equity space, according to its CEO, Nimesh Shah. He highlighted that the planned acquisition would enhance the firm's ability to analyse emerging businesses, though he did not provide details on the timeline or specific targets. Advertisement
The company manages over INR 10 trillion (USD 110.92 billion) in assets and is waiting for regulatory approval to acquire its group company, ICICI Ventures, as part of this private equity growth strategy. Shah also mentioned that the firm is in discussions with regulators for launching retirement funds.
In recent months, India's pension regulator has allowed fund houses to launch customised schemes and has been seeking ways to broaden investment choices for private pension funds to help deliver better returns to subscribers.
ICICI Prudential AMC is targeting a valuation of up to INR 1.07 trillion (USD 11.9 billion) for its initial public offering, with a price band set between INR 2,061 and INR 2,165 per share. The IPO, a joint venture between ICICI Bank and UK-based Prudential, will see Prudential selling around 10% of its stake in the offering, higher than initially planned. Subscriptions open this Friday and will close on December 16.
Source Reuters
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