New Delhi, Dec. 11 -- India's largest asset management company (AMC) by active mutual fund quarterly average assets under management (QAAUM) is tapping the public markets. ICICI Prudential AMC, jointly owned by ICICI Bank (51%) and the UK's Prudential Plc (49%), is moving ahead with its initial public offering (IPO). The offer comes at a time when the mutual fund industry is continuing to broaden its investor base.

The Rs.10,603 crore issue will open on 12 December and is entirely offer-for-sale. Prudential will divest about 9.9% of its stake, reducing its holding to 39.1%. With the price band set between Rs.1,019 and Rs.1,070 per share, the offer values the AMC at about Rs.1,07,000 crore at the upper end. This will position ICICI Pruden...