Adia doubles down on ICICI Prudential IPO: The Abu Dhabi Investment Authority (Adia) returned to the table this week to pick up additional shares worth USD 5.53 mn in the anchor round of the ICICI Prudential Asset Management's USD 1.2 bn listing, according to a regulatory filing. The IPO — which closed yesterday with USD 33 bn (INR 3 tn) in bids — was oversubscribed nearly 39x overall, making it India’s fourth most subscribed listing, Reuters reported.

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The pre-IPO: Before the public offer, British insurer Prudential sold a 4.5% stake for INR 49 bn (USD 544.6 mn). Adia joined this round alongside the marquee family offices of b’naires Azim Premji and the late Rakesh Jhunjhunwala.

The anchor book: Just a day before the public issue opened, ICICI Prudential raised another USD 359 mn from anchor investors. Adia joined global heavyweights like Singapore’s SWF GIC, Fidelity, Temasek, and BlackRock in the anchor book.

By the numbers:

  • 124x: Subscription levels for the Qualified Institutional Buyer portion of the IPO.
  • USD 1.2 bn is the total size of the share sale (Offer for Sale).
  • USD 110 bn (INR 10 tn) in assets under management at ICICI Prudential as of September.
  • 33x: The P/E ratio the company commands at the issue price — a premium valuation for the sector.

Why it matters to the corridor: This marks a shift in how GCC sovereign money views India. Historically focused on hard assets (ports, roads, energy), Adia is increasingly targeting the high growth sectors of the economy such as fintech startups, banks, and consumer electronics. The SWF backed a series of blockbuster IPOs this year including LG Electronics, digital stock broker Groww, and Tenco Clear Air.

What happens next: Allocations will be finalized shortly, with the stock scheduled to list on the exchanges this Friday, 19 December.

Coming up in the IPO pipeline-

#1- Indian Q-commerce startup Zepto is preparing to file draft papers for a USD 500 mn IPO as early as next week, Economic Times reports, citing unnamed sources familiar with the matter. This follows Zepto’s USD 450 mn (INR 40.5 bn) funding round in October, which valued the company at USD 7 bn (INR 630 bn).

#2- QIA and ADQ-backed Flipkart has secured the regulatory approvals to shift its domicile back to India from Singapore, a step towards a planned Indian stock market listing in 2026, Economic Times reports. US-based retail giant Walmart owns a 77% stake in Flipkart, with other marquee investors including Singapore’s GIC, Japan’s SoftBank, China’s Tencent, Google, and Microsoft. The firm is planning to file for a listing in 2026.

#3- Gulf SWF-backed Reliance Industries is targeting a 2028 IPO for Reliance Retail, as per Economic Times. Saudi Arabia’s Public Investment Fund holds a 2.04% minority stake in the firm while Qatar Investment Authority holds a 0.99% stake. Mubadala Investment picked up a 1.4% stake in 2020 according to New Indian Express.

RAINING IPOs in India-

Following a bumper IPO season in 2025, raising USD 19.6 bn, some 84 firms looking to raise around USD 12 bn in 2026 have secured approvals from the market regulator, according to Times of India. The IPO pipeline in 2026 could expand further, as 108 companies are awaiting approvals.

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