ICICI Prudential AMC to launch IPO on Friday, sets price band for issue at `2,061–2,165/share

Mumbai: ICICI Prudential Asset Management Company will open its initial public offering on December 12 and close on December 16, with anchor bidding on December 11.

The IPO is an Offer for Sale (OFS) of up to 4.89 crore shares by promoter Prudential Corporation Holdings, including a reservation of 24.49 lakh shares for eligible ICICI Bank shareholders. The OFS represents 9.91 per cent of the company’s post-issue equity.

The price band has been set at Rs 2,061–Rs 2,165 per share. Bids can be made for a minimum of 6 equity shares and in multiples of 6 thereafter. Shares will be listed on the BSE and NSE, as per the company’s red herring prospectus filed on December 5.

A consortium of 19 book-running lead managers, including Citigroup, ICICI Securities, Axis Capital, Mor-gan Stanley, Goldman Sachs, CLSA, BofA Securities and others, will manage the offer, while KFin Tech-nologies is the registrar.

The issue will be conducted via the book-building route under SEBI ICDR norms. Up to 50 per cent of the net offer is reserved for QIBs, with up to 60 per cent of that available for anchor investors.

A por-tion within the anchor book is earmarked for domestic mutual funds, life insurers and pension funds. At least 15 per cent of the net offer will go to non-institutional bidders and 35 per cent to retail inves-tors, with sub-categories defined for different application sizes.

Eligible ICICI Bank shareholders will receive proportionate allocation within their reserved portion. All non-anchor bidders must apply through the ASBA mechanism, using bank-blocked funds or UPI as ap-plicable.