ICICI Prudential may unveil Rs 6,000 crore IPO soon

India's largest private sector life insurer may announce a Rs 6,000-crore Initial Public Offering (IPO), persons close to the matter were quoted in a Bloomberg report. 

According to the report, the life insurance company has already picked arrangers for the IPO. At Rs 6,000 crore, this may be the sixth largest IPO in India in six years. Bank of America Corp and ICICI Securities LTd have been chosen to lead the offering scheduled for this year, the report said.

The company's IPO may happen at the same time that rival HDFC Standard Life Insurance Company, is planning to list itself on the Indian bourses. 

These listings are among the first from the $50 billion life insurance industry in India, the report said. 

According to the Bloomberg report, sources said, "Citic CLSA Capital Markets, UBS Group AG, Deutsche Bank AG, JM Financial Ltd, IIFL Holdings and Edelweiss Financial Services are also working on the share sale for the insurer, which is controlled by ICICI Bank."

In the IPO, ICICI Bank will sell a part of its stake in the venture, while Prudential Plc hasn't made a decision yet.