Prudential is evaluating a potential listing of its Indian business, ICICI Prudential Asset Management Company, the London and Hong Kong-listed insurer said in a filing.

The Indian listing is likely to fetch around US$1bn, people with knowledge of the transaction said. 

Citigroup and ICICI Securities are working on the transaction and more banks are likely to be added.

Prudential owns 49% of the company and India's ICICI Bank 51%.

Prudential said the listing would involve the partial divestment of its shares, with the net proceeds to be returned to shareholders. It said India was a "strategically important market ... with compelling growth prospects" in which it would continue to explore opportunities to grow its business.

In a separate announcement, ICICI Bank said it intends to retain its majority shareholding in the AMC.

ICICI Prudential AMC reported profit after tax of Rs6.32bn in the quarter ended December, up 16% from Rs5.46bn in the same quarter of 2023.

HDFC Asset Management, Nippon Life Asset Management and UTI Asset Management are among the listed AMCs in India.

ICICI Bank shares are up 0.5% at Rs1,258.15 today.

Source: IFR