A Citigroup representative declined to comment and ICICI didn’t respond to a query on the IPO. Prudential didn’t immediately reply to requests for comment.
Prudential has hired Citigroup to help work on a potential initial public offering of Indian unit ICICI Prudential Asset Management Co., according to people familiar with the subject.
A listing could raise about US$1 billion ($1.35 billion), the people said, asking not to be identified because the matter is private. Preparations are preliminary and details could change, the people said, adding that other banks are likely to join.
