The Securities and Exchange Board of India has approved the initial public offering proposals of four companies, including ICICI Prudential Asset Management Co. The regulator issued its 'observation letters' to the IPOs, which means final approval.
SEBI Approves IPOs Of ICICI Prudential AMC, Powerica, Two Others
The Securities and Exchange Board of India has approved the initial public offering proposals of four companies, including ICICI Prudential Asset Management Co.
The regulator issued its 'observation letters' to the IPOs, which means final approval.
The companies will now issue their red herring prospectus for the IPO. Details regarding IPO period, price band, allotment and listing dates, etc, will be announced via a public advertisement.
Prudential Corp. has offered to sell over 1.76 crore equity shares via the IPO. The face value of the share is Rs 1. There is no fresh issue component and all the proceeds from the IPO will go to the selling promoter.
The offering could raise as much as $1.2 billion or around Rs 10,300 crore and value the company at around $12 billion, Bloomberg News has reported. The IPO could be the country’s second-biggest offering this year behind HDB Financial Services.
