<div id="readability-page-1"><div>By Kimberley Kao Shares of India's ICICI Prudential Asset Management surged in their trading debut after an oversubscribed initial public offering that raised about $1.2 billion. The asset manager's shares on the Bombay Stock Exchange were 23% higher than the IPO price of 2,165 rupees a share, equivalent to $23.99, in early trading on Friday. The broader market was up 0.7%. The IPO drew bids of more than $33 billion, with shares earmarked for buyers 39.17 times subscribed, led by strong demand from institutional investors, according to data from the National Stock Exchange of India. ICICI Prudential Asset Management is a joint venture between India's ICICI Bank and U.K. insurer Prudential. The IPO comprised an offer for sale of equity shares held by Prudential Corporation Holdings Ltd., a subsidiary of the U.K. company. The IPO raised 106.03 billion rupees, equivalent to $1.17 billion, in gross proceeds. Ahead of the IPO, Prudential PLC sold a 4.5% stake in the asset manager. The estimated net proceeds from the IPO and the pre-IPO private placement are 130 billion rupees, equivalent to $1.44 billion, which are intended to be returned to Prudential shareholders, subject to regulatory and shareholder approvals, the U.K. insurer said Friday. India's IPO market has been running hot recently. A series of multibillion-dollar offerings has made the country a listings powerhouse. According to Ernst &amp; Young data, India recorded more IPOs in the first three quarters of the year than any other market worldwide. Write to Kimberley Kao at kimberley.kao@wsj.com (END) Dow Jones Newswires12-19-25 0106ET</div></div>

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ICICI Prudential AMC shares surged 23% in their India debut after a $1.2 billion IPO. The IPO was oversubscribed, drawing bids of over $33 billion, with shares 39.17 times subscribed. The IPO raised 106.03 billion rupees, with net proceeds of 130 billion rupees intended for Prudential shareholders. India's IPO market is booming, leading globally in IPOs this year.

ICICI Prudential AMC Shares Rise in India Debut After $1.2 Billion IPO