Slaughter and May advised Prudential plc (“Prudential”) on the initial public offering by its joint venture associate ICICI Prudential Asset Management Company Limited (“IPAMC”) of equity shares in IPAMC on the BSE Limited and National Stock Exchange of India (the “IPO”).
The offer was priced at INR 2,165 per equity share giving IPAMC a market capitalisation of approximately USD 11.8 billion at the time of listing. The IPO comprised an offer for sale of up to 9.91% of the equity capital in IPAMC by Prudential and, together with an earlier pre-IPO private placement, is estimated to result in net proceeds of approximately USD 1.4 billion for Prudential.
IPAMC is an asset management joint venture with ICICI Bank with principal operations in India. Following the IPO, Prudential through its subsidiary Prudential Corporation Holdings Limited retains a stake of approximately 35% in IPAMC.
Slaughter and May worked closely with Prudential’s in-house legal team.
Darren Yang / Trainee