Prudential plc has completed the listing of ICICI Prudential Asset Management Company Limited (IPAMC) on India’s two main stock exchanges, the company said in a media release on Friday.
IPAMC began trading on BSE Limited and the National Stock Exchange of India Limited on 19 December under the ticker symbol ICICIAMC. The initial public offering was priced at 2,165 rupees (approx. US$23.99) per equity share, resulting in a market capitalisation of 1.07 trillion rupees (US$11.86bn).
Prudential, through its subsidiary Prudential Corporation Holdings Limited (PCHL), retains an approximately 35% stake in IPAMC following the listing.
“The significant investor demand for the IPO underscores IPAMC’s growth strategy and its strong position in India – a key strategic market for Prudential. This milestone not only highlights IPAMC’s quality and potential for long-term value creation but also represents an important step in delivering value to our shareholders,” Anil Wadhwani, chief executive officer of Prudential plc, said.
The estimated net proceeds from the IPO, together with an earlier pre-IPO private placement, total 130bn rupees (US$1.44bn), according to Prudential. As previously communicated, the group said these proceeds are intended to be returned to Prudential shareholders, subject to regulatory and shareholder approvals where required.
The listing follows a pre-IPO private placement completed on 11 December, in which Prudential sold a combined 4.5% stake in IPAMC through PCHL.
Prudential first announced plans to divest part of its holding in the asset manager when it filed for the IPO in July 2025.
