ICICI Prudential AMC, India's second-largest asset management company, plans to make an acquisition in the private equity space, its CEO said on Monday, a move that would strengthen its position beyond traditional investment products.
The acquisition would help the firm deepen its ability to analyse new age businesses, Nimesh Shah said at the company's initial public offering press conference in Mumbai, but did not elaborate on the timeline or other details.
ICICI Prudential AMC, which manages more than 10 trillion rupees ($110.92 billion) in assets, is also awaiting the markets regulator's approval to acquire group company ICICI Venture as part of its private equity expansion.
Additionally, it is in talks with regulators for the launch of retirement funds, Shah said.
In September, India's pension regulator permitted fund houses to launch customised schemes and was looking to widen investment options for private pension funds to drive better returns for subscribers.
ICICI Prudential AMC is aiming for a valuation of up to 1.07 trillion rupees ($11.9 billion) in its IPO and has set a price band of 2,061 to 2,165 rupees per share.
A joint venture between ICICI Bank and UK-based Prudential, the company will see Prudential selling around 10% of its stake in the 106.03 billion-rupee IPO, more than initially planned.
The IPO opens for subscription on Friday and closes on December 16.
