Upcoming IPO: ICICI Prudential AMC files DRHP for public issue, likely to raise ₹10,000 crore

ICICI Prudential AMC IPO: ICICI Prudential Asset Management Company (AMC) has filed its draft papers with the market regulator – the Securities and Exchange Board of India (SEBI) – to float an initial public offering (IPO).

ICICI Prudential AMC IPO will be an offer for sale (OFS) of up to 17.7 million shares, representing nearly 10% of the paid-up capital of the company. Prudential Corporation Holdings Limited (PCHL), a subsidiary of British insurer Prudential Plc, is the only promoter selling shareholder.

According to Bloomberg News, the offering could raise as much as ₹10,000 crore ($1.2 billion), making it the second-highest public issue of 2025, and valuing the asset manager at around $12 billion. The largest offer this year was by HDFC Bank subsidiary HDB Financial, which debuted on the Indian stock market last week, in signs of a sharp rebound in the IPO market.

ICICI Prudential Asset Management Company, India’s second-largest mutual fund manager by assets, is a joint venture between ICICI Bank (holding a 51% stake) and the UK-based Prudential Plc (holding a 49% stake).

In February, Prudential had said it was considering listing its Indian joint venture on the bourses. Separately, ICICI Bank earlier today, July 9, informed exchanges that it has entered into an inter-se agreement with PCHL stating its intention to purchase up to 2% of the fully diluted pre-IPO share capital of the company from PCHL, prior to the consummation of the IPO.

As of March 31, 2025, ICICI Prudential AMC's total mutual fund quarterly average assets under management (QAAUM) was ₹8,794.1 billion, with a customer base of 14.6 million.

According to a Crisil report, the AMC manages the largest number of schemes in the mutual fund industry in India as of March 31, 2025, with 135 schemes comprising 42 Equity and Equity Oriented Schemes, 20 debt schemes, 56 passive schemes, 14 fund-of-fund domestic schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme.

Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are among the book-running lead managers of the offering.

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