Prudential (PUK) has hired Citigroup (C) as it works on a potential initial public offering of its ICICI Prudential Asset Management unit in India, Bloomberg reported Thursday, citing people familiar with the matter.

The IPO could raise about $1 billion, but the details may change and other banks are likely to participate, the report said.

Prudential said in a statement Wednesday that a potential listing for the Indian unit, which involves the partial divestment of its shares, was under evaluation and dependent on market conditions, approvals and other key factors. The insurance provider said the net proceeds from the partial divestment of its shares would go to shareholders.

Prudential and Citigroup did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 18.24, Change: +0.07, Percent Change: +0.39