By Joe Stonor
Prudential PLC shares rose after the company's Indian joint venture ICICI Prudential Asset Management filed its initial public offering prospectus with authorities, seizing on an IPO boom in the country.
Shares in London were up 28 pence, or 2.6% at 11.06 pounds, leading the FTSE 100 index risers. They are currently up 74% over the year to date.
The fund manager filed a Red Herring Prospectus dated Dec. 6 with the Securities and Exchange Board of India, BSE Ltd., and the National Stock Exchange of India.
As part of the IPO, Prudential's subsidiary Prudential Corporation Holdings is selling 9.9% of the stock in ICICI Prudential.
ICICI Prudential is a joint venture between India's ICICI Bank and U.K. insurer Prudential, with the two owning 51% and 49%, respectively. Details on the IPO, including the amount offered for sale, remain subject to market conditions and other factors, Prudential said.
Prudential said it is also considering a private sale of 2% of ICICI Prudential to ICICI Bank. The insurer is also weighing up offering shares to select institutional investors pre-IPO.
In February, Prudential said it was considering listing the Indian joint venture and a partial divestment of its shares. It said then that net proceeds of such a divestment would be returned to shareholders.
The Indian IPO market is running hot as domestic investors fuel a fundraising gold rush, with companies raising $19.6 billion so far this year, according to Bloomberg.
Write to Joe Stonor at josephmichael.stonor@wsj.com
(END) Dow Jones Newswires
December 08, 2025 06:11 ET (11:11 GMT)
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