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India's largest first-time share sale in recent years likely soon

India Blooms News Service | | Jun 03, 2016, at 06:56 pm

#initial public offering #ICICI Securities Ltd

Mumbai, Jun 3 (IBNS) ICICI Prudential Life Insurance Company, India's largest private-sector life insurer, is likely to announce an initial public offering (IPO) of rupees 60 billion, reported Bloomberg on Thursday based on information from people familiar with the matter.

If the IPO happens, it will be India's largest first-time share sell in the past six years.

Bloomberg said the company has already chosen the arrangers for the IPO. Bank of America Corp. and ICICI Securities Ltd. are to lead an offering scheduled for this year, according to sources.

Bloomberg refrained from naming the sources as the information is private.

"ICICI Prudential is seeking a listing at the same time as Indian rival HDFC Standard Life Insurance Co., a joint venture between Housing Development Finance Corp. and Standard Life Plc, is preparing an offering. The deals are slated to be the first listings from the country’s $50 billion life-insurance industry," reported Bloomberg.

ICICI Bank plans to sell part of its stake in the IPO, while Prudential Plc, which has a 26 percent holding, has not yet made a decision on the sale, according to Bloomberg's sources.

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