Prudential Sells 4.5% Stake in ICICI Prudential AMC Ahead of ₹1.2 Trillion IPO
British insurer Prudential has sold a 4.5% stake in ICICI Prudential Asset Management for ₹49 billion (about $545 million) ahead of the fund manager’s $1.2 billion IPO, which opens on Friday. The asset manager is a joint venture between ICICI Bank, holding 51%, and Prudential, which owns the remaining stake.
Major buyers of the stake included the Abu Dhabi Investment Authority, the family offices of Azim Premji and Rakesh Jhunjhunwala, and insurers such as SBI Life, HDFC Life, and Go Digit General Insurance. ICICI Bank also purchased shares worth ₹21.40 billion in the private placement.
The IPO will not involve the issuance of new shares by the company; instead, Prudential alone will offload a 10% stake. The stock is scheduled to list on Indian exchanges on December 19. Prudential has stated that proceeds from the private sale and the IPO will be returned to shareholders, subject to necessary approvals.
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