ICICI Prudential Asset Management Company is seeking approval from the Securities and Exchange Board of India (Sebi) to enter the private equity business as part of its strategy to diversify into alternative asset classes, Managing Director and CEO Nimesh Shah said.

Speaking at a press conference ahead of the company’s upcoming IPO, Shah said discussions with the regulator are ongoing, though he did not specify a timeline.

“We have four strategic business units today — mutual funds, alternates, ETFs or passives, and SIF. There is a fifth and very important one, which is private equity, where we are not present,” Shah said. “Let’s see whether it gets Sebi’s approval. If it does, we will be very happy to grow that business as well.”

The AMC is also awaiting Sebi’s approval to acquire ICICI Ventures as part of its push into private equity. Shah added that the company is in talks with the regulator to launch retirement-focused products.

Clarifying the structure of the proposed expansion, Shah said the private equity business would operate as a separate unit, not as a subsidiary.

He noted that while ICICI Prudential AMC does not currently possess private equity capabilities, entering the segment could enhance sector-specific expertise and strengthen group-wide research. “Private equity is a different DNA from ours. In private equity, you sign documents with the company, you are a substantial owner of the business. It is working with the promoter, going on the board, practically running the company from outside,” he explained.

ICICI Prudential AMC, India’s second-largest asset manager by assets under management (AUM), is preparing a pure offer-for-sale (OFS) IPO of 1.76 crore equity shares by Prudential Corporation Holdings Ltd (PCHL), representing up to 10% of its equity share capital, according to its draft prospectus filed with Sebi. The fund house aims to raise ₹10,602.65 crore at a price band of ₹2,061–2,165 per share, valuing the company at around ₹89,027 crore. As the IPO contains no fresh issue, the company will not receive any proceeds from the public offering; all funds will go to the selling shareholder.