ICICI Prudential AMC files for ₹10,000 cr IPO; Prudential to sell 10% stake

ICICI Prudential Asset Management Company, a 51:49 joint venture between ICICI Bank and the U.K.-based Prudential PLC, has filed its draft red herring prospectus (DRHP) with the capital markets regulator Sebi to raise funds via an initial public offering (IPO). Although the company has not officially disclosed the issue size, reports suggest it looks to raise up to ₹10,000 crore (approximately $1.2 billion), valuing the asset manager at around $12 billion.

The proposed IPO of the country’s second-largest asset manager by assets under management (AUM) is a pure offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings (PCHL), representing up to 10% of the equity share capital of the company, according to the DRHP submitted with Sebi on July 8. Since there is no fresh issue component, the company will not receive any proceeds from the offer; all proceeds will go to the selling shareholder.

ICICI Bank, in an exchange filing on July 8, said: “…the initial public offering (IPO) comprising of an offer for sale (OFS) of equity shares held by Prudential Corporation Holdings Limited (PCHL) in the company", represents up to 10% of the equity share capital of the firm. “The IPO and the amount of the OFS amount shall be subject to market conditions, requisite approvals, and other considerations,” the release noted.

Additionally, ICICI Bank has entered into an inter-se agreement with PCHL to acquire a 2% pre-IPO stake in ICICI Prudential AMC, prior to the completion of the IPO. Currently, the private lender holds 51% of the company.

“This would be subject to finalisation amongst both parties of relevant terms, requisite corporate and statutory approvals as may be required by each of the parties, applicable law, and other considerations,” the release noted.  

If successful, this IPO would mark the ICICI group’s fifth listed entity, following ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities. It would also become the fifth listed asset management company in India, joining HDFC AMC, Nippon Life India AMC, UTI AMC, Aditya Birla Sun Life AMC, and Shriram AMC.

In a first for India’s primary market, a total of 18 merchant bankers have been appointed to manage the IPO. They are Citigroup Global Markets India, Morgan Stanley India, BofA Securities India, Axis Capital, CLSA India, IIFL Capital, Kotak Mahindra Capital, Nomura India, 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.

Established in 1993, ICICI Prudential Asset Management Company had total assets of ₹4,384 crore as of March 31, 2025. For FY25, the turnover stood at ₹4,980 crore, growing by nearly 39%, while net profit rose 29% year-on-year to ₹2,651 crore.

Last week, Gaja Alternative Asset Management, which operates under the brand name Gaja Capital, filed its IPO papers with Sebi. The papers were filed via the confidential pre-filing route, so the issue size and other details were not disclosed by the home-grown private equity and alternative asset management firm.