By Kimberley Kao
ICICI Prudential Asset Management has raised over $1 billion in its initial public offering in India, joining the country's booming fundraising market.
The IPO comprised an offer for sale of equity shares held by Prudential Corporation Holdings Limited, a subsidiary of Prudential. ICICI Prudential is a joint venture between India's ICICI Bank Ltd. and U.K. insurer Prudential.
Prudential said Wednesday that it raised 106.03 billion rupees, the equivalent to $1.17 billion, in gross proceeds from the IPO after selling about 48.9 million shares at 2,165 rupees each.
The U.K. issuer sold a 4.5% stake ahead of the IPO.
The net proceeds from the IPO, together with those from the pre-IPO private placement, are intended to be returned to Prudential shareholders, the company said.
India's IPO market has been running hot recently. A series of multibillion-dollar offerings has made the country a listings powerhouse. EY data show that 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 16, 2025 21:50 ET (02:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.