Prudential confirms signing of underwriting agreement and announces filing of final prospectus for ICICI Prudential Asset Management IPO

17 December 2025, Hong Kong – Prudential plc (“Prudential”) confirms that Prudential Corporation Holdings Limited (“PCHL”, a subsidiary of Prudential), ICICI Prudential Asset Management Company Limited (“IPAMC”) and the underwriters to the Initial Public Offering (“IPO”), have entered into an underwriting agreement dated 16 December 2025, for the IPO of IPAMC. IPAMC has filed the prospectus dated 16 December 2025 (“Prospectus”) with the Registrar of Companies, Delhi and Haryana at Delhi. 

The Prospectus is available on the websites of IPAMC, the Securities and Exchange Board of India, the book running lead managers, National Stock Exchange of India Limited and BSE Limited.

In connection with this IPO, PCHL will sell 13,957,303 IPAMC shares at a price per share of INR 2,165 to a number of anchor investors and 35,015,691 IPAMC shares at a price per share of INR 2,165 to other investors. The gross proceeds to be received by PCHL from the IPO will be INR 106.03 billion (approximately USD 1.17 billion¹).

The value of the net proceeds¹ in USD from the IPO, together with those from the pre-IPO private placement transaction announced on 11 December 2025, are intended to be returned to Prudential shareholders, subject to regulatory and shareholder approvals where required.

_{1. Based on INR / USD of 90.732 as of 15 December 2025. Actual proceeds in terms of USD are subject to the relevant exchange rate and the deduction of applicable fees and other costs including any tax chargeable. Further details will be provided in due course.} 

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About Prudential plc

Prudential provides life and health insurance and asset management in Greater China, ASEAN, India and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (HKEX: 2378) and the London Stock Exchange (LSE: PRU). It also has a secondary listing on the Singapore Stock Exchange (SGX: K6S) and a listing on the New York Stock Exchange (NYSE: PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme. 

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Potential investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Prospectus, dated 16 December 2025, filed with the Registrar of Companies, Delhi and Haryana at Delhi, including the section titled “Risk Factors”. Potential investors should not rely on the draft red herring prospectus dated 8 July 2025, filed with the Securities Exchange Board of India in making any investment decision. This announcement is not for publication or distribution, directly or indirectly, in or into the United States. The equity shares described in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the equity shares of IPAMC are being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A of the U.S. Securities Act) pursuant to Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in “offshore transactions”, as defined in and in reliance on, Regulation S of the U.S. Securities Act and the applicable laws of the jurisdictions where those offers and sales occur. There will be no public offering of securities in the United States.