ICICI Prudential Asset Management Company’s IPO ahead of its opening on December 12 has already drawn attention, and the activity before the issue added another buzz to the issue. The AMC, one of the largest in the country by assets, recently closed a sizeable pre-IPO placement of nearly Rs 4,815 crore.
What stood out was the list of participants, that is, a mix of long-term institutions, global funds, insurance companies and well-known market veterans.
A Pre-IPO round packed with market veterans
The company allotted a little over 2.22 crore shares at Rs 2,165 each in a private placement conducted ahead of the IPO.
The investor list included names such as the estate of late Rakesh Jhunjhunwala, Prashant Jain’s 3P India Equity Fund, WhiteOak, DSP, 360One, PI Opportunities Fund II, Manish Chokani and Madhusudan Kela.
Global institutions such as Lunate Capital and the Regents of the University of California also joined the round.
Participation from insurance and institutional investors
Several large domestic insurers also took part, including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life Insurance, Bajaj Life, Tata AIG and Go Digit General Insurance.
Alongside them, funds such as Kedaara Capital, TIMF Holdings, Malabar India Fund and Clarus Capital showed interest in the placement. In addition, ICICI Bank infused Rs 2,140 crore to raise its stake by another 2%, keeping its position strong ahead of the listing.
IPO to be a pure offer-for-sale
The IPO will not issue new shares. Instead, the entire offer will be an offer-for-sale of nearly 4.89 crore shares by Prudential Corporation Holdings, the joint venture partner. ICICI Bank continues to hold 51% in the AMC, while Prudential owns the remaining share.
What the numbers say about the AMC
As per the CRISIL data, the company held Rs 10.14 trillion in quarterly average assets under management as of September 2025. It also dominated the equity and equity-oriented AUM category and maintained the highest share of individual investor assets among mutual fund houses.
Along with mutual funds, the AMC runs portfolio management services, alternative investment funds and offshore advisory mandates.
IPO timeline and market debut
The IPO will open for subscription on December 12 and close on December 16, with anchor bidding scheduled for December 11. Allotments are expected on December 17, and the shares are set to list on December 19.
ICICI Prudential AMC will become the fifth asset management company on the Indian exchanges after its market debut and the latest addition from the ICICI Group after the bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.