New Delhi, Nov. 27 -- ICICI Prudential Asset Management Company (AMC) has received approval from the capital markets regulator, Securities and Exchange Board of India (Sebi), to launch an initial public offering (IPO), according to media reports.

Moneycontrol, quoting sources, reported that the ICICI Prudential AMC IPO is likely to hit the market in the second week of December as Sebi approval has been received, with the company eyeing a valuation of $12-12.5 billion.

The IPO by India's second-largest AMC in terms of assets under management will entirely be an offer for sale by Britain's Prudential Plc. Bloomberg, too, had reported earlier this month, on November 20, that ICICI Pru AMC was nearing Sebi's nod for its share sale.

As of O...