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Investing.com -- India’s ICICI Prudential Asset Management Co. is preparing to launch its initial public offering as early as next week, aiming to raise approximately 107 billion rupees ($1.2 billion).
The company, which ranks as India’s second-largest mutual fund manager by assets, filed an updated draft offer document on Tuesday. The firms is said to be seeking a valuation of around $12 billion.
The planned offering will be India’s fifth IPO exceeding $1 billion this year.
The IPO is expected to open for public subscription later next week after the price band is announced. The deliberations are still ongoing and details of the offering may change.
Citigroup Inc. and ICICI Securities Ltd. are among 18 banks managing the share sale, setting a record for the number of bankers involved in an Indian offering.
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