ICICI Prudential Asset Management Company (AMC), a 51:49 joint venture between ICICI Bank and the U.K.-based Prudential PLC, has finally received approval from the capital markets regulator, Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The company had filed its IPO papers with Sebi on July 8, 2025. The IPO is completely an offer for sale by promoter - Prudential Corporation Holdings.

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. 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.

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.

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.

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.

The company is the largest asset management company in India in terms of active mutual fund quarterly average assets under management (QAAUM) with a market share of 13.3% as of March 31, 2025 (Source: CRISIL Report). As of March 31, 2025, the company’s total mutual fund QAAUM was to ₹8,79,410 crore. 

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.

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