ICICI Prudential Asset Management Company, based in Maharashtra, India, has filed draft papers with SEBI for its IPO. The ₹10,000 crore public issue will be an offer for sale by British insurer Prudential, valuing the AMC at around $12 billion. ICICI Bank also plans to buy a 2% stake in the company ahead of the listing.
ICICI Prudential Asset Management Company (AMC), one of India’s leading mutual fund houses, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public listing. The IPO is expected to raise as much as ₹10,000 crore (approximately $1.2 billion), making it one of the largest offerings of 2025.
Headquartered in Maharashtra, ICICI Prudential AMC is a joint venture between ICICI Bank (holding a 51% stake) and UK-based Prudential Plc (holding 49%). The proposed IPO will be entirely an offer for sale (OFS) by Prudential’s subsidiary, Prudential Corporation Holdings Limited (PCHL), involving up to 17.7 million equity shares, representing around 10% of the paid-up capital.
According to Bloomberg, the IPO could value ICICI Prudential AMC at around $12 billion, second only to HDB Financial’s debut this year in terms of issue size.
In a related development, ICICI Bank announced it has signed an inter-se agreement with PCHL to acquire up to 2% of the company’s fully diluted pre-IPO equity capital from Prudential, prior to the IPO’s launch. This move strengthens ICICI Bank’s hold over the asset manager ahead of its public debut.
As of March 31, 2025, ICICI Prudential AMC managed total mutual fund quarterly average assets under management (QAAUM) of ₹8,794.1 billion. The company boasts a wide retail investor base of 14.6 million and operates 135 mutual fund schemes — the highest in the industry — including equity, debt, passive, and hybrid categories.
The offering will be managed by prominent investment banks including Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India.
The IPO reflects growing investor interest in India’s asset management sector and signals a continuing rebound in the primary market in 2025.
