Dec 5 (Reuters) -

ICICI Prudential Asset Management will launch its Indian

initial public offering next week, with British insurer

Prudential planning to sell about a 10% stake in the

company.

Prudential will sell up to 49 million shares in the IPO,

compared with an earlier plan of 17.7 million shares, ICICI

Prudential said in a filing late on Friday. The asset manager

issued bonus shares earlier this year, increasing its

outstanding shares.

The fund house, which had filed for the IPO in July, is a

joint venture between India's second-largest private lender,

ICICI Bank, which holds a 51% stake, and Prudential

, which owns the rest.

The three-day share sale will open on December 12, with anchor

investors bidding a day earlier on December 11. The stock is

expected to be listed on Indian exchanges on December 19.

The asset manager is not selling new shares and ICICI is

not offloading any of its stake in the IPO.

Reuters reported last week that the company is targeting a

valuation of $12 billion through the $1.2 billion IPO.