ICICI Prudential Asset’s India IPO to open on December 12

Dec 5 (Reuters) – ICICI Prudential Asset Management will launch its Indian initial public offering ​next week, with British insurer Prudential planning ‌to sell about a 10% stake in the company.

Prudential will ‌sell up to 49 million shares in the IPO, compared with an earlier plan of 17.7 million shares, ICICI Prudential said in a filing ⁠late on Friday. ‌The asset manager issued bonus shares earlier this year, increasing its outstanding ‍shares.

The fund house, which had filed for the IPO in July, is a joint venture between India’s second-largest ​private lender, ICICI Bank, which holds a ‌51% stake, and Prudential, which owns the rest.

The three-day share sale will open on December 12, with anchor investors bidding a day earlier on December 11. The stock is expected to be ⁠listed on Indian exchanges on ​December 19.

The asset manager ​is not selling new shares and ICICI is not offloading any of its stake ‍in the ⁠IPO.

Reuters reported last week that the company is targeting a valuation of $12 billion through the $1.2 ⁠billion IPO.

(Reporting by Kanjyik Ghosh in Barcelona and Chris ‌Thomas in Mexico City; Editing by Louise ‌Heavens and Paul Simao)