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MUMBAI: Another large-size IPO is being planned in the current year. Prudential Corp of UK, the joint venture partner of ICICI Bank in ICICI Prudential Asset Management, is selling 10% stake in the company through an initial public offering that could be worth around Rs 10,000 crore. On Tuesday, the AMC had filed the papers with Sebi, ICICI Bank, the majority owner in the fund house, said on Wednesday.The current year has already seen two IPOs worth more than Rs 5,000 crore: HDB Financial Services, an arm of HDFC bank that last month concluded its 12,500-crore offering. And in Feb, Hexaware Tech had raised nearly Rs 8,760 crore.ICICI Prudential AMC is the manager of ICICI Prudential Mutual Fund (I-Pru MF) that currently manages nearly Rs 9.5 lakh crore worth of investors’ assets (average assets under management for April-June quarter, according AMFI data). ICICI Bank holds the majority 51% in the fund house while the balance 49% is with the UK-based financial major.The Indian banking major on Wednesday said it would maintain its 51% stake in the fund house. ICICI Bank has entered into an agreement with Prudential Corp to purchase up to 2% stake in I-Pru MF before the company goes public through the IPO, the bank informed the exchanges. Currently, three other Indian fund houses are listed. HDFC MF that had AAUM of Rs 8.3 lakh crore during the previous quarter; Nippon India MF (Rs 6.1 lakh crore) and UTI MF (Rs 3.6 lakh crore). HDFC MF has a market value of almost Rs 1.1 lakh crore, Nippon India nearly Rs 50,900 crore and UTI MF Rs 17,185 crore, data from BSE showed.Canara Robeco MF that had an AAUM worth about Rs 1.1 lakh crore last quarter, has filed to go public through an IPO. Promoters of several other fund houses have also expressed their intentions to go public, but have not filed IPO papers with markets regulator Sebi yet.

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