Mumbai: ICICI Prudential Asset Management Company (AMC), one of India’s leading mutual fund managers, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch an initial public offering (IPO). The IPO will be a pure offer for sale (OFS) of up to 17.7 million shares, accounting for around 10 percent of the company’s paid-up capital. The only promoter selling shareholder is Prudential Corporation Holdings Limited (PCHL), a subsidiary of UK-based insurance giant Prudential Plc.
The IPO is expected to raise approximately Rs 10,000 crore (around USD 1.2 billion), according to Bloomberg, making it the second-largest public issue in 2025. The company’s estimated valuation stands at around USD 12 billion. The biggest IPO of the year so far was by HDFC Bank’s subsidiary HDB Financial, marking a significant rebound in India’s IPO market.
ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Plc, with ICICI Bank holding a 51 percent stake and PCHL holding the remaining 49 percent. Ahead of the IPO, ICICI Bank has announced its intention to acquire up to 2 percent of the company’s fully diluted pre-IPO share capital from PCHL. This move was communicated via an inter-se agreement between the two partners, and the transaction is expected to take place before the IPO concludes.
As of March 31, 2025, ICICI Prudential AMC had a total mutual fund Quarterly Average Assets Under Management (QAAUM) of Rs 8,794.1 billion and served 14.6 million customers. A Crisil report highlights that the AMC manages the highest number of mutual fund schemes in the country, with a total of 135 funds across equity, debt, passive, and hybrid categories. The book-running lead managers for the IPO include Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India.
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