British insurer Prudential announced on Thursday the sale of a 4.5% stake in ICICI Prudential Asset Management for ₹4,900 crore (approximately $545 million). This transaction comes just ahead of the Indian fund manager’s initial public offering (IPO), which is set to launch on Friday and is expected to raise $1.2 billion.
ICICI Prudential Asset Management operates as a joint venture, with ICICI Bank, India’s second-largest private lender, holding a 51% stake, while Prudential retains the remaining interest.
Notable investors in the recent share acquisition include the Abu Dhabi Investment Authority, the family offices of prominent Indian entrepreneurs Azim Premji and Rakesh Jhunjhunwala, and several Indian insurers such as SBI Life, HDFC Life, and Go Digit General Insurance. Additionally, ICICI Bank participated in the buyback, securing shares worth ₹2,140 crore.
The upcoming IPO will not involve the issuance of new shares; instead, Prudential will divest 10% of its stake. The stock is projected to begin trading on exchanges on December 19.
Proceeds from both the private placement and IPO are planned to be returned to Prudential’s shareholders, pending necessary regulatory and shareholder approvals. The exchange rate stands at $1 = 90.0170 Indian rupees.
Published on December 11, 2025.
