Joining the IPO bandwagon, leading private insurer ICICI Prudential life Insurance Company has lined up a mega public offer that is estimated to fetch around Rs 1,000 crore. The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings ltd. Singapore’s Temasek and PremjiInvest are also shareholders.
Sources said ICICI Prudential has lined up an initial public offer and the draft papers in this regard are likely to be filed with Sebi as early as on Friday. The size of the IPO is estimated to be worth around Rs 5,000 crore, they added.
At the end of March this year, the assets under management of ICICI Prudential which started operations in fiscal year 2001 stood at Rs 1,039.39 billion, as per its website.