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The ICICI Prudential Life Insurance initial public offering is being billed as the largest since 2010 when state-run Coal India approached the primary market. In Picture: A vehicle passes a life insurance bill board of Prudential-ICICI, in Bombay September 30, 2002 (representational image).Reuters File

ICICI Bank's life insurance business is expected to file its prospectus for public listing on Friday. The initial public offering (IPO) of ICICI Prudential Life is valued to be at $746 million (Rs. 5,000 crore), sources privy to the listing process told Reuters.

ICICI Prudential is a joint venture between India's ICICI Bank Ltd. and the U.K.'s Prudential Plc. With 68 percent and 26 percent stake in the JV, respectively, India's ICICI will divest its shares, while it is unclear if Prudential Plc. would sell its stake. India's billionaire Azim Premji's investment venture Premji Invest and Singapore government-run investor Temasek hold the rest of the stake in the life insurer.

ICICI Bank will not, however, issue any new stock, said one of the three people who disclosed the news to Reuters.

The much awaited IPO is Indian insurance sector's first public listing. The country's life insurance industry as of December 2015 is estimated to be Rs. 24.82 lakh crore.

Moneycontrol noted that the IPO will be managed by BofA-ML and ICICI Securities, while the bankers to the issue were UBS, Deutsche Bank and CLSA.

ICICI Prudential's IPO alongside Vodafone's $2.5 billion listing are two big ticket offers scheduled for the latter part of 2016.