Prudential is said to hire Citigroup for US$1 Billion India IPO

Prudential (2378) has hired Citigroup to help work on a potential initial public offering of Indian unit ICICI Prudential Asset Management, according to people familiar with the subject.

A listing could raise about US$1 billion (HK$7.8 billion), the people said, asking not to be identified because the matter is private. Preparations are preliminary and details could change, the people said, adding that other banks are likely to join.

A Citigroup representative declined to comment and ICICI didn’t respond to a query on the IPO. Prudential didn’t immediately reply to requests for comment.

ICICI Prudential Asset Management is jointly owned by India’s second largest private sector lender ICICI Bank and UK-based insurer Prudential.