ICICI Holding to be listed within next one year

ICICI Bank's board has decided to transfer its holdings in its insurance and mutual fund companies to a newly created wholly owned subsidiary called ICICI Holdings. The bank holds 74% stake in the insurance companies and 51% stake in the AMC and trust company.

Joint Managing Director of ICICI Bank, Kalpana Morparia informs that their current market share stands at 10% in an overall basis, while it is at 30% in the private space. She sees the value of ICICI Holdings close to USD 7 billion. Morparia further adds that they are looking at an IPO for ICICI Holdings within the current year.

Since there is no benchmark for an Insurance company listed in India, she provided reference to few of the newly listed Chinese Insurance Company which are valued at 60 times of NBAP.