(Bloomberg) -- Prudential Plc has hired Citigroup Inc. to help work on a potential initial public offering of Indian unit ICICI Prudential Asset Management Co., according to people familiar with the subject.

Most Read from Bloomberg

Why American Mobility Ground to a Halt Saudi Arabia’s Neom Signs $5 Billion Deal for AI Data Center SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says

A listing could raise about $1 billion, the people said, asking not to be identified because the matter is private. Preparations are preliminary and details could change, the people said, adding that other banks are likely to join.

A Citigroup representative declined to comment and ICICI didn’t respond to a query on the IPO. Prudential didn’t immediately reply to requests for comment.

ICICI Prudential Asset Management is jointly owned by India’s second largest-private sector lender ICICI Bank Ltd. and UK-based insurer Prudential.

Prudential said Wednesday it was evaluating a listing of the asset management business that would involve a partial divestment of its holding and returning the proceeds to shareholders. Prudential’s shares closed at a seven-month high following the announcement. ICICI Bank has said it plans to retain its majority stake.

About $20 billion was raised in Indian IPOs last year, including a record-breaking listing by Hyundai Motor Co.’s local business, making it the world’s second-busiest market after the US.

Beyond a possible listing of its India venture, Prudential is considering options for asset manager Eastspring Investments, including selling a minority stake to help broaden the business, Bloomberg News has reported.

Prudential shares have risen 13% this year through Wednesday, valuing the company at about $24 billion.

Most Read from Bloomberg Businessweek

The Game Changer: How Ely Callaway Remade Golf Elon Musk’s DOGE Is a Force Americans Can’t Afford to Ignore How Oura’s Smart Ring Bridged the Gap From Tech Bros to Normies Why Fast Food Could Be MAHA’s Next Target Trump’s Tariffs Make Currency Trading Cool Again After Years of Decline

©2025 Bloomberg L.P.

View Comments