Prudential sells additional 2% stake in ICICI Prudential AMC

Prudential plc has sold an additional 2% stake in ICICI Prudential Asset Management Company Limited (IPAMC) on Wednesday, bringing its ownership down to 32.59%, according to a press release. The company sold 9,885,169 shares at INR 3,065 per share on Indian stock exchanges, raising INR 30 billion, or approximately $0.3 billion, excluding transaction costs and taxes.

The sale price was 4.9% below IPAMC's closing price on Tuesday and 4.7% above the volume-weighted average trading price since the IPO on December 19, 2025. It was determined through a book-building process. ICICI Securities Limited and BofA Securities India Limited served as brokers. Prudential recorded a gain of roughly $0.3 billion on the disposal, after accounting for transaction expenses and taxes.

The company cited the sale as a way to help IPAMC meet minimum public float requirements under Indian regulations, which require a 15% public float within five years of listing. The proceeds will be returned to shareholders through share buybacks. This follows earlier sell-downs, when Prudential's parent company, Prudential Corporation Holdings Limited (PCHL), reduced its stake from 49% to 34.59% through an IPO and pre-IPO placements in December 2025, generating net proceeds of $1.4 billion.

IPAMC is India's second-largest asset manager by quarterly average assets under management as of September 30, 2025, with a profit after tax of INR 32,982.6 million for the financial year ending March 31, 2026.