ICICI Prudential Asset Files for $1.2 Billion India IPO

ICICI Prudential Asset Management Co., India’s second-largest mutual fund manager by assets, filed preliminary documents for what could be the country’s second-biggest initial public offering this year.

The so-called draft red herring prospectus filed with the markets regulator was disclosed late Tuesday. The IPO involves the sale of as many as 17.65 million shares, or a 10% stake held by Prudential Plc. Prudential also said it plans to sell a 2% stake to ICICI Bank Ltd. prior to the IPO.