Prudential Plc considering IPO for ICICI Prudential Asset Management

Prudential Plc is evaluating the possibility of listing its subsidiary, ICICI Prudential Asset Management Company Limited, through a partial divestment of its stake. The decision is subject to favourable market conditions, regulatory approvals, and other factors, with the net proceeds intended to be returned to Prudential’s shareholders.The potential listing marks a significant move for Prudential, particularly in India, a key market the company sees as having substantial growth opportunities. Prudential is focused on expanding its presence in India’s rapidly developing financial sector.

“We take note of the announcement made today by our joint venture partner Prudential PLC with respect to a potential listing of and partial divestment of its stake in ICICI Prudential Asset Management Company, subject to market conditions, requisite approvals and other considerations (enclosed is the copy of the announcement). We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment,” Prudential’s joint venture partner ICICI Bank said in a statement.
Prudential operates in 24 markets across Asia and Africa, providing life and health insurance, as well as asset management services. The company has dual primary listings on the Hong Kong Stock Exchange and the London Stock Exchange, with additional listings on the Singapore Stock Exchange and the New York Stock Exchange through American Depositary Receipts. Prudential is also part of the Hang Seng Composite Index and participates in both the Shenzhen-Hong Kong and Shanghai-Hong Kong Stock Connect programs.

It is important to note that Prudential plc is not affiliated with Prudential Financial, Inc. in the US, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc in the UK