Prudential sells 4.5% stake in Indian asset management JV for $545 million ahead of IPO

British insurer Prudential said on Thursday it has sold a 4.5 per cent stake in ICICI Prudential
Asset Management for ₹4,900 crore (about $545
million) ahead of the Indian fund manager’s $1.2 billion IPO
that opens on Friday.

The fund house is a joint venture between ICICI Bank
, India’s second-largest private lender, which holds
51 per cent, and Prudential, which owns the rest.

Abu Dhabi Investment Authority, the family offices of Azim
Premji and Rakesh Jhunjhunwala, and Indian insurers, including
SBI Life, HDFC Life and Go Digit General
Insurance bought the shares from Prudential. ICICI
Bank also bought shares worth ₹2,140 crore.

ICICI Prudential Asset Management will not issue any new
shares at the IPO where only Prudential will sell a 10 per cent stake.
The stock is expected to list on exchanges on December 19.

Prudential said proceeds from the private placement and the
IPO will be returned to shareholders, subject to regulatory and
shareholder approvals.
($1 = 90.0170 Indian rupees)

Published on December 11, 2025