British insurer Prudential plc has sold a 4.5% stake in ICICI Prudential Asset Management Company (ICICI Pru AMC) for ₹4,900 crore (approximately $545 million), just a day before the fund manager’s highly anticipated $1.2 billion IPO, which opens on Friday.
ICICI Pru AMC operates as a joint venture between ICICI Bank, which holds a 51% stake, and Prudential, which owns the remaining share. The latest transaction drew interest from several marquee global and Indian investors. Buyers included the Abu Dhabi Investment Authority (ADIA), family offices of Azim Premji and Rakesh Jhunjhunwala, along with major Indian insurers such as SBI Life, HDFC Life, and Go Digit General Insurance. ICICI Bank also purchased shares worth ₹21.40 billion as part of the deal.
The upcoming IPO will not include the issuance of fresh shares. Instead, the entire public offering will consist of Prudential selling an additional 10% stake in the asset management company. The stock is set to list on Indian exchanges on December 19, making it one of the most watched financial sector listings of the year.
Prudential stated that proceeds from both the pre-IPO placement and the IPO itself will be returned to shareholders, subject to necessary regulatory and shareholder approvals. The move reflects Prudential’s strategy to unlock value from its India partnership while offering investors access to one of the country’s most prominent asset management firms.
The strong response from global sovereign wealth funds, leading insurers and prominent business families underscores the growing appetite for India’s asset management industry, which continues to expand on the back of rising retail participation and long-term savings flows.
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