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| Credit: respective owners |
ICICI Prudential Asset Management Company (AMC), the second-largest asset management company in India, has filed its Red Herring Prospectus with the Registrar of Companies to launch its Initial Public Offering (IPO) on December 12. While the offer size has not been officially disclosed, media reports suggest the company may raise around Rs 10,000 crore through the issue.
The IPO is entirely an offer-for-sale (OFS) comprising 4.89 crore equity shares, representing 9.9 percent of the paid-up equity. These shares will be sold by Prudential Corporation Holdings, with no fresh issue component. Of the total offer, up to 24.48 lakh equity shares are reserved for shareholders of ICICI Bank.
The anchor book for the IPO will open for a day on December 11, while the public issue will remain open until December 16. The share allotment is expected to be finalized by December 17, and the stock will begin trading on the BSE and NSE effective December 19.
After listing, this will be the fourth ICICI Group company available on the Indian stock exchanges, joining ICICI Bank, ICICI Prudential Life Insurance Company, and ICICI Lombard General Insurance Company.
Company Background
ICICI Prudential AMC has operated as a joint venture between ICICI Bank and UK-based Prudential Corporation Holdings since 1998, with a shareholding structure of 51:49 percent. The company will not receive any proceeds from the IPO, as all funds will go to the selling shareholder.
The company filed its draft red herring prospectus with SEBI in July this year, and the market regulator approved the IPO documents in November.
Financial Performance
ICICI Prudential AMC, which reports being the second-largest asset management company in India with a 13.2 percent quarterly average assets under management (QAAUM) market share, recorded a profit of Rs 1,618 crore and revenue of Rs 2,949.4 crore for the six months ending September 2025 — reflecting growth of 21.9 percent and 20 percent year-on-year, respectively.
For the financial year ending March 2025, the company posted a profit of Rs 2,650.7 crore, a 29.3 percent increase from the previous year’s Rs 2,049.7 crore. Revenue rose 32.4 percent to Rs 4,977.3 crore from Rs 3,758.2 crore a year earlier.
Market Position
The company manages 143 mutual fund schemes, the largest number of schemes among all asset management companies in India. Its listed competitors in the sector include HDFC AMC, Nippon Life India Asset Management, UTI AMC, and Aditya Birla Sun Life AMC.
IPO Book Runners
A total of 18 merchant bankers are managing the ICICI Prudential AMC IPO, including Citigroup Global Markets India, Morgan Stanley India, BofA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital, Nomura, SBI Capital Markets, ICICI Securities, Goldman Sachs (India), Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management, and UBS Securities India.
