ICICI Prudential AMC, 3 others get Sebi’s approval to launch IPOs

New Delhi: ICICI Prudential AMC, a subsidiary of ICICI Bank, has received approval from Sebi to launch its IPO, according to the regulator’s latest update. The fund house plans to raise around Rs 10,000 crore, with the issue expected to hit the mar-ket this month, market sources said.

ICICI Prudential AMC is among four companies that secured Sebi’s nod, alongside Powerica Ltd, Tech-nocraft Ventures and Annu Projects. All four firms, which filed draft papers between July and August, received Sebi’s observations between November 17 and 26—effectively the regulator’s green light for a public issue.

The proposed ICICI Prudential AMC IPO is entirely an OFS of 1.76 crore shares by UK-based Prudential Corporation Holdings, with no fresh issue component, as per the draft red herring prospectus. Proceeds will go to the selling shareholder. ICICI Bank currently holds 51 per cent in the AMC, with Prudential owning the remaining 49 per cent.

In June, ICICI Bank approved a 2 per cent stake increase to maintain majority ownership amid future stock-based compensation. Once listed, ICICI Prudential AMC will become the fifth asset manager on Indian exchanges, joining HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India AMC. It will also be the fifth listed entity from the ICICI Group.

Among the other approved IPOs, Powerica’s Rs 1,400-crore issue includes a Rs 700-crore fresh issue and a matching OFS, with most proceeds earmarked for debt reduction. Technocraft Ventures plans a fresh issue of 95.05 lakh shares and an OFS of 23.76 lakh shares. Annu Projects will float a fully fresh issue of 2.20 crore shares.