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Report: ICICI Prudential Life Insurance to raise up to US$700M in IPO

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Report: ICICI Prudential Life Insurance to raise up to US$700M in IPO

ICICIPrudential Life Insurance Co. Ltd. aims to raise around US$600million to US$700 million through a planned IPO, Reuters reported May 6, citing IFR.

The IPO is expected to be launched before March 31, 2017.Bank of America Merrill Lynch and ICICI Securities were hired for the proposedoffering, according to "two sources close to the plans" cited by IFR.

ICICI Prudential Life Insurance, ICICI Securities and Bankof America Merrill Lynch did not immediately respond to requests for commentssent by Reuters.

ICICI Prudential Life Insurance is a joint venture betweenICICI Bank Ltd. andPrudential Plc.