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ICICI Prudential Life files for IPO

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ICICI Prudential Life files for IPO

ICICIPrudential Life Insurance Co. Ltd. filed a preliminary prospectusfor its planned IPOin India.

ICICI BankLtd., which owns a 68% stake in the insurer, said in a Form 6-Kfiled July 18 that it will sell around 12.65% of the insurer's equity sharesthrough the proposed IPO.

The share sale will consist of 181,341,058 shares, includinga proposed reservation of up to 18,134,105 equity shares, or around 10% of theoffer, for ICICI Bank shareholders.

The listing could raise as much as US$745 million, thebiggest IPO so far in India in six years, Reuters reported the same day, citingunnamed sources.

ICICI Prudential Life Insurance is a joint venture betweenICICI Bank and the U.K.'s Prudential Plc