The Indian mutual fund industry is gearing up for another major IPO, which is in the pipeline now among other major IPOs to hit this year in the Indian market. ICICI Prudential Asset Management Company (ICICI AMC) is reportedly preparing to file draft IPO papers in the coming days, targeting a public offering of around Rs 10,000 crore. Interestingly, this will be one of the largest asset management IPOs and the second-largest this year if completed this year.
Here are five key things to know about the upcoming ICICI Prudential AMC IPO:
ICICI Prudential Asset Management Company IPO: DRHP filing just around the corner
As reported by Financial Express earlier, ICICI Prudential AMC is “all set to file its Draft Red Herring Prospectus (DRHP) to raise up to Rs 10,000 crore through an offer for sale (OFS) within the next few days.” The offer is expected to be an OFS, primarily involving UK-based Prudential Plc offloading part of its stake in the joint venture.
While the final size and structure may still evolve, sources suggest the listing could happen as early as Q3 FY26, depending on market conditions and regulatory approvals.
ICICI Prudential Asset Management Company IPO: A record-breaking IPO syndicate
ICICI AMC has brought in as many as 17 investment banks to manage the issue. This is reportedly the largest IPO syndicate ever seen in India. Names on the roster include top global and domestic firms such as Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital, Citi, ICICI Securities, Nomura, SBI Capital, JM Financial, and Motilal Oswal, among others.
ICICI Prudential Asset Management Company IPO: India’s second largest mutual fund house
ICICI Prudential AMC is not just another fund house. It is the second largest mutual manager in India. It manages assets worth Rs 9.53 lakh crore as of May 31, 2025. It trails only SBI Mutual Fund in terms of AUM.
Established in 1998, the firm is a 51:49 joint venture between ICICI Bank and Prudential Plc, and has grown into a major player offering a full suite of mutual fund, PMS, and advisory services.
ICICI Prudential Asset Management Company IPO: Sixth mutual fund listing on Indian stock exchanges
Once listed, ICICI AMC will become the sixth mutual fund company to be publicly traded in India. It will join the likes of HDFC AMC, Nippon Life India AMC, UTI AMC, Aditya Birla Sun Life AMC, and Shriram AMC.
Moreover, the IPO is set to be the second-largest public issue of 2025, just behind the Rs 12,500 crore IPO of HDB Financial Services which listed on the Indian bourses on July 2.
ICICI Prudential Asset Management Company IPO: Earlier announcements
Back in February, Prudential Plc had announced plans to partially divest its stake in ICICI AMC, saying it was “considering a possible listing” of the company. The British partner had clarified “It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market.”