ICICI Prudential AMC sets IPO price band at ₹2,061–2,165 to raise ₹10,603 cr; eyes ₹89,027 cr valuation

The much-awaited IPO of ICICI Prudential Asset Management Company (AMC) is set to open on December 12, 2025. 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.

With this, ICICI Prudential AMC IPO is going to be the fourth-largest issue of 2025, after Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India (₹11,607.01 crore). It will also be the fifth listed entity from the ICICI Group, alongside ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.

The listing will also make it the fifth asset management company on Indian exchanges, joining HDFC AMC, Nippon Life India AMC, UTI AMC, Aditya Birla Sun Life AMC, and Shriram AMC.

The three-day ICICI Prudential AMC IPO will close on close on December 16, while allotment of shares is expected to be finalised on December 17. The tentative date for listing of shares on the BSE and NSE is December 19.

Retail investors can bid for a minimum of one lot comprising 6 shares, requiring an investment of ₹12,990 at the upper price band.

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.

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. 

Ahead of the IPO launch, ICICI Prudential AMC has created buzz in the grey market. The ICICI Prudential AMC IPO GMP surged to ₹280 per share over the upper price band, indicating the possibility of listing gains of nearly 13%.