ICICI Pru Life posts details of the biggest Indian IPO in six years

India's ICICI Prudential Life Insurance has filed for an initial public offering of shares, which could raise around $745m (£561m, €674m) making it the biggest local initial public offering (IPO) in six years.

The group is a joint venture between India's ICICI Bank and UK insurer the Prudential, with 68% owned by the Indian operation.

ICICI Bank is selling up to 181.34 million shares in the IPO – the first ever for an Indian insurance company – according to a draft prospectus released today. The proceeds from the sale will go to the bank.

The Prudential has no plans to sell any of its 26% holding, while ICICI Bank's share sale is expected to complete later this year.

Rival HDFC Life, a joint venture between India's Housing Development Finance Corportaion and UK insurer Standard Life, had also drawn up plans for an IPO that sources said could raise as much as $500m.

But these IPO plans were put on hold last month, when HDFC Life began talks to acquire Max Financial Services, which if completed will make HDFC Life a listed company.