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LONDON/MUMBAI - Prudential (LON:PRU) plc announced Wednesday that ICICI Prudential Asset Management Company Limited (IPAMC) has filed a Draft Red Herring Prospectus with Indian regulators for an initial public offering. The IPO will consist of an offer for sale of up to 10% of IPAMC’s equity share capital by Prudential Corporation Holdings Limited, a Prudential subsidiary.
The draft prospectus has been submitted to the Securities and Exchange Board of India, BSE Limited, and National Stock Exchange of India Limited, according to a press release statement from the company. The document is now available for review on the BSE and NSE websites.
Prudential also revealed that its subsidiary has entered into an agreement with ICICI Bank Limited expressing its intention to divest up to an additional 2% of IPAMC’s equity share capital to ICICI prior to the IPO.
Both transactions remain subject to market conditions, regulatory approvals, and other considerations, the company noted.
The filing follows Prudential’s earlier announcement on February 12, 2025, which had indicated the company’s plans regarding IPAMC.
Prudential plc currently maintains dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (LON:LSEG) (PRU), with secondary listings on the Singapore Stock Exchange (K6S) and the New York Stock Exchange (PUK) in the form of American Depositary Receipts.
The company provides life and health insurance and asset management services across 24 markets in Asia and Africa.
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