By Kimberley Kao

Shares of India's ICICI Prudential Asset Management surged in their trading debut after an oversubscribed initial public offering that raised about $1.2 billion.

The asset manager's shares on the Bombay Stock Exchange were 23% higher than the IPO price of 2,165 rupees a share, equivalent to $23.99, in early trading on Friday. The broader market was up 0.7%.

The IPO drew bids of more than $33 billion, with shares earmarked for buyers 39.17 times subscribed, led by strong demand from institutional investors, according to data from the National Stock Exchange of India.

ICICI Prudential Asset Management is a joint venture between India's ICICI Bank and U.K. insurer Prudential. The IPO comprised an offer for sale of equity shares held by Prudential Corporation Holdings Ltd., a subsidiary of the U.K. company.

The IPO raised 106.03 billion rupees, equivalent to $1.17 billion, in gross proceeds.

Ahead of the IPO, Prudential PLC sold a 4.5% stake in the asset manager. The estimated net proceeds from the IPO and the pre-IPO private placement are 130 billion rupees, equivalent to $1.44 billion, which are intended to be returned to Prudential shareholders, subject to regulatory and shareholder approvals, the U.K. insurer said Friday.

India's IPO market has been running hot recently. A series of multibillion-dollar offerings has made the country a listings powerhouse. According to Ernst & Young data, India recorded more IPOs in the first three quarters of the year than any other market worldwide.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

December 19, 2025 00:51 ET (05:51 GMT)

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