The British insurance company Prudential Plc has attracted Citigroup Inc. to organize the IPO of the Indian division of ICICI Prudential Asset Management Co. This is reported in a press release from Prudential.
Prudential plans to raise about $1 billion in ICICI's IPO, which involves a partial sale of the company's stake and a return of the proceeds to shareholders. At the same time, ICICI Bank plans to retain a controlling stake in ICICI Prudential.
ICICI Prudential Asset Management's assets are owned by ICICI Bank Ltd., India's second largest private sector lender, and British insurance company Prudential. In 2025, Prudential's shares increased by 13%, increasing the company's market value to $24 billion.
In addition to the proposed listing of the Indian division of ICICI, Prudential is considering options for further growth of the subsidiary Eastspring Investments, including the sale of a minority stake in order to expand the business.
In 2024, an IPO on the Indian stock market raised a total of about $20 billion, including the listing of the Indian division of Hyundai Motor Co., as a result of which the Indian market became the second largest stock offering after the American one.
Prudential is a British multinational financial conglomerate headquartered in London (England) with offices in Southeast Asia, the United States and some African countries.
Citigroup is one of the world's largest financial conglomerates. Citigroup provides corporations, governments, and institutions with a wide range of financial products and services (banking, lending, brokerage, and transactional services, among others). The headquarters is located in New York (USA).
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