India’s largest mutual fund manager is preparing to enter the public market. ICICI Prudential Asset Management Company, the fund house jointly owned by ICICI Bank and UK-based Prudential Corporation Holdings, has secured approval from the Securities and Exchange Board of India (SEBI) for its long-awaited initial public offering.
This upcoming IPO will also mark another major addition to the ICICI Group’s listed entities. Let’s take a look at the key factors of the coming soon issue –
ICICI Prudential AMC IPO: A new listing from the ICICI Group
The approval positions ICICI Prudential AMC as the next company from the ICICI ecosystem to debut on the stock exchanges.
At present, ICICI Bank owns 51% in the fund house, while the remaining 49% is held by its joint venture partner.
Once listed, it would join ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and ICICI Securities as the group’s fifth publicly traded entity.
The company has been operating since 1998 and has grown into the largest asset manager in the country by quarterly average assets.
ICICI Prudential AMC IPO: Issue structure and size
The public issue will be entirely an offer for sale by Prudential Corporation Holdings. Since the IPO contains no fresh issue component, the proceeds will go directly to the selling shareholder and not to the company.
According to reports, the fund-raising size is expected to be around Rs 10,000 crore. The final size will depend on pricing and regulatory filings closer to launch. As per the draft red herring prospectus, the offer for sale includes 1.76 crore shares, which is set to increase after the proposed bonus share issuance.
ICICI Prudential AMC IPO: Bonus issuance before the IPO
The company has planned a bonus issue that will expand its equity base significantly before the offer opens for subscription.
Its paid-up share capital currently stands at 17,652,090 shares of face value Rs 1. After the bonus issuance, this will increase to 49,425,852 shares.
ICICI Prudential AMC IPO: Fifth AMC to list on Indian exchanges
Moreover, ICICI Prudential AMC will become the fifth asset management company to be listed in India after the IPO process. It will follow the footsteps of HDFC Asset Management Company, UTI Asset Management Company, Aditya Birla Sun Life Asset Management Company, Shriram Asset Management Company and Nippon Life India Asset Management.
ICICI Prudential AMC IPO: Financial performance snapshot
Talking of the financial performance of the company, as of March 31, 2025, its total mutual fund quarterly average assets under management (QAAUM) stood at Rs 8,79,410 crore. The company’s revenue from operations rose to Rs 4,977.3 crore in FY25 compared with Rs 2,837.4 crore in FY23.
Its net profit also increased to Rs 2,650.6 crore in FY25 from Rs 1,515.8 crore two years earlier.
ICICI Prudential AMC IPO: Lead managers for the ICICI Pru AMC IPO
The offering will be handled by a large consortium of investment banks. Among them are ICICI Securities, Citigroup Global Markets India, Morgan Stanley India Company, BofA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities India, SBI Capital Markets, Goldman Sachs India Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management and UBS Securities India. KFin Technologies will serve as the registrar for the issue.
