ICICI Pru AMC sees ‘infinite market’ for mutual funds, ramps up alternates business

PRUDENTIAL PLC

Transaction in own shares

Prudential plc ("Prudential" or the "Company") announces it has purchased the following number of its ordinary shares of 5 pence each from Merrill Lynch International ("MLI") in accordance with the authority granted by shareholders at the Company's 2025 Annual General Meeting under the arrangement entered into with MLI announced on 1 July 2025.

The Company intends to cancel the repurchased shares. Following this transaction, the Company will have 2,552,785,049 shares in issue and the total number of voting rights in the Company will be 2,552,785,049. This figure may be used by shareholders as the denominator when determining whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The shares were repurchased from MLI as an on-exchange transaction subject to the Listing Rules of the London Stock Exchange and as an on-market purchase for the purposes of the Hong Kong Code on Share Buy-Backs.

Schedule of Purchases

Aggregated information

Disaggregated information

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018), a full breakdown of the individual trades made by MLI on behalf of the Company is available via the link below.

http://www.rns-pdf.londonstockexchange.com/rns/2824L_1-2025-12-11.pdf

This announcement will also be available on Prudential's website at: Stock Exchange Announcements | Prudential plc

Additional information

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 and the London Stock Exchange . It also has a secondary listing on the Singapore Stock Exchange and a listing on the New York Stock Exchange 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.

www.prudentialplc.com

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India recorded its strongest equity wealth-creation phase on record, with the top 100 listed companies adding ₹148 lakh crore in market value between 2020 and 2025, according to Motilal Oswal Financial Services’ 30th Annual Wealth Creation Study. The report identifies this period as the start of a prolonged compounding cycle as the economy advances toward a projected $16 lakh crore.

Airtel, BSE and HAL lead wealth creation

Bharti Airtel emerged as the Biggest Wealth Creator, adding ₹7.9 lakh crore, followed by ICICI Bank and SBI.

BSE delivered the fastest gains, posting a 124% total return CAGR, the highest in the study.

Hindustan Aeronautics Ltd. (HAL) outperformed the market in each of the five years, making it the Most Consistent and Best All-round Wealth Creator.

Wealth creation during the period rose at a 38% CAGR, well above the Sensex’s 21% CAGR.

Financials dominate; PSUs strengthen

Financial services led sectoral wealth creation, supported by credit growth and stronger balance sheets. Industrials, capital markets, technology and utilities followed.

Public-sector enterprises continued their revival, particularly in defence, energy and utilities, with HAL, BEL and NTPC ranking among key contributors.

Study flags multi-trillion-dollar expansion ahead

The theme study—India: The Multi-Trillion Dollar Opportunity—highlights that financial wealth has expanded steadily, with India’s market cap compounding at 17% annually over two decades and now standing at 1.3 times GDP.

Motilal Oswal projects another GDP quadrupling over the next 17 years, from $4 lakh crore to $16 lakh crore, driven by higher incomes, financialization and a broadening corporate profit cycle.

Compounding era to shape market leadership

Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, said India is entering its “most powerful compounding era,” where long-term performance will depend on identifying high-quality, durable businesses rather than timing market cycles.

The study notes that financials, capital markets and consumer discretionary sectors are positioned to benefit most from rising penetration and scale, while large caps may retain an advantage due to stronger balance sheets and institutional participation.

ICICI Prudential Asset Management Company has raised ₹3,027 crore through the issue of shares to 149 anchor investors, ahead of its ₹10,602 crore IPO opening for subscription on Friday, December 12.

Life Insurance Corporation of India, Capital Group Global Equity Fund (Canada), Government of Singapore are funds that have received the highest number of shares in the anchor book, followed by Aranda Investments and Zulia Investments Pte. Ltd.

The board approved the issue of 1.39 crore equity shares to anchor investors at ₹2,165 apiece, which is the upper end of the price band.

Within the anchor book, ICICI Prudential AMC will also be issuing 46.62 lakh equity shares or 33.4% of the total anchor allocation to 27 domestic mutual funds, who have placed bets through 77 active schemes of theirs.

HDFC MF, SBI MF, Nippon life India MF were some of the funds who got a higher allocation through various schemes.

The ICICI Prudential AMC IPO is India's fourth largest IPO of 2025, following Tata Capital, HDB Financial and LG Electronics India. At ₹10,602 crore, the issue is a complete offer for sale, with Prudential being the selling shareholder.

Retail investors can bid for one lot of six shares, which will entail a minimum investment of ₹12,990. 35% of the issue is reserved for retail investors.

At the upper end of the price band, the company is aiming for a post-issue market capitalization of nearly ₹1.1 lakh crore.

AS per reports, the current Grey Market Premium (GMP) in the unlisted space for ICICI Prudential AMC, is at ₹120. These rates, however, are speculative, and the actual listing price could differ from the GMP levels.

The blue chip has agreed to sell a 4.5% stake in the ICICI Prudential Asset Management Company (IPAMC) for 49bn rupees (£410m) to a group of investors, including the Abu Dhabi Investment Authority and Indian insurer SBI Life.

According to Reuters, joint venture partner ICICI Bank - Indian’s second-largest private lender - also bought shares worth 21.4bn rupees.

The sale comes ahead of a planned initial public offering of the joint venture.

Prudential, which is heavily focused on Asia, first signalled plans to sell a portion of its 45% stake in the joint venture in July.

It is expected to sell up to 9.91% of its equity in IPAMC in the IPO.

Shares in Prudential shot up on Monday, after IPAMC filed an early stage ‘red herring’ prospectus in Delhi concerning the IPO.

Analysts welcomed the move, noting that proceeds would likely contribute to future share buybacks.

The likely $1.2bn IPO is expected to open on Friday.

As at 1330 GMT on Thursday, the London-listed insurer was largely unchanged at 1,081p.

PRUDENTIAL PLC

Transaction in own shares

Prudential plc ("Prudential" or the "Company") announces it has purchased the following number of its ordinary shares of 5 pence each from Merrill Lynch International ("MLI") in accordance with the authority granted by shareholders at the Company's 2025 Annual General Meeting under the arrangement entered into with MLI announced on 1 July 2025.

The Company intends to cancel the repurchased shares.

In addition, the Company has today issued 550 ordinary shares of 5 pence each in connection with its share schemes (the "Allotment").

Following the Buyback and the Allotment, the Company will have 2,553,059,551 shares in issue and the total number of voting rights in the Company will be 2,553,059,551. This figure may be used by shareholders as the denominator when determining whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The shares were repurchased from MLI as an on-exchange transaction subject to the Listing Rules of the London Stock Exchange and as an on-market purchase for the purposes of the Hong Kong Code on Share Buy-Backs.

Schedule of Purchases

Aggregated information

Disaggregated information

In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018), a full breakdown of the individual trades made by MLI on behalf of the Company is available via the link below.

http://www.rns-pdf.londonstockexchange.com/rns/0871L_1-2025-12-10.pdf

This announcement will also be available on Prudential's website at: Stock Exchange Announcements | Prudential plc

Additional information

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 and the London Stock Exchange . It also has a secondary listing on the Singapore Stock Exchange and a listing on the New York Stock Exchange 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.

www.prudentialplc.com

Contact

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  POSEAXAEFDXSFFA

Macquarie Capital has shifted to a more bullish stance on Indian equities, projecting the Nifty to reach 30,000 by 2026. This marks a significant turn from its cautious view over the past year. Aditya Suresh, Managing Director and Head of India Research at Macquarie Capital, said the outlook is improving with expectations of a meaningful rebound in corporate earnings.

Suresh noted that market sentiment had been constrained by weak earnings trends. Fiscal year 2026 revenue growth has been running at about 5%, below nominal gross domestic product (GDP), along with margin pressure. He described the combination of “high valuations and no growth” as an ongoing challenge.

Looking forward to fiscal years 2027 and 2028, Suresh said Macquarie’s bottom-up models point to a return to mid-teens earnings-per-share growth. “We’re feeling more optimistic and comfortable with where expectations are at,” he said, suggesting that foreign institutional investors could be drawn back to India after a period of limited participation.

Valuations remain elevated, but Suresh believes strong domestic liquidity and renewed foreign flows could support further multiple expansion. “It’s almost as if the only clearing function is the initial public offering (IPO) site,” he remarked, indicating that demand for equities may exceed supply.

On the IPO market, Suresh highlighted a potential concern: most stock supply continues to come from promoter and PE/VC exits rather than fresh capital for expansion. Even so, he expects market liquidity to sustain the current $20 billion annual IPO pipeline.

Macquarie’s sector view is selective. Financials remain a core overweight, with private banks preferred over state-owned lenders. “Our analyst… is still more the private banks over the public sector banks,” Suresh said, mentioning HDFC Bank and ICICI Bank as top picks. He also sees opportunities in certain NBFCs and insurance companies.

Beyond financials, Suresh cited the electronics manufacturing services sector as another area of interest, naming Dixon Tech as companies that combine growth with returns and cash generation.