Prudential Hires Citi to Help with Indian JV's IPO

MT Newswires02-13

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.

(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.)

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