Prudential (SGX:K6S, HKG:2378) enlisted Citigroup to help with the initial public offering of ICICI Prudential Asset Management, Bloomberg News reported, citing people familiar with the matter.
ICICI Prudential is seen to raise $1 billion from the IPO, the report said.
The listing will entail Pru's partial divestment in its joint venture with ICICI Bank (NSE:ICICIBANK, BOM:532174). The Indian bank will retain its shareholding.
Prudential, ICICI, and Citigroup did not respond immediately to requests for comment from MT Newswires.
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