Prudential Plc hired Citigroup to assist with its potential initial public offering of Indian unit ICICI Prudential Asset Management, according to a media report.
The offering could raise ~$1B, but details could change as preparations are in the preliminary stage, Bloomberg reported on Thursday, citing people familiar with the matter.
ICICI Prudential Asset management is a joint venture of India's ICICI Bank and UK-based Prudential Plc
On Wednesday, Prudential (PUK) said it's evaluating a potential listing of ICICI Prudential Asset Management, involving the partial divestment of its stake in the business. Any net proceeds would be returned to shareholders, it added.
However, the contemplated divestment doesn't mean that the company is leaving India. "India is a strategically important market for Prudential with compelling growth prospects," it said. "We will continue to explore opportunities to grow our businesses in the market."
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