ICICI Prudential AMC Gets Final Sebi Nod for Rs 10,000 Crore IPO
ICICI Prudential Asset Management Company has secured the final approval from market regulator Sebi for its Rs 10,000 crore initial public offering (IPO). The mega issue will be a secondary share sale by one of its promoter entities.
Key Details of the Offering
- The IPO is an Offer for Sale (OFS) by co-promoter Prudential Corporation Holdings, which owns 49% of the company.
- ICICI Bank, the other promoter, will not participate in the share sale.
- The company filed its draft papers with Sebi on July 8.
Capital Structure and Bonus Issue
Post a proposed bonus issuance, the company’s share capital will increase from 17.65 crore shares to 49.43 crore shares, each of Re 1 face value. Following this, Prudential Corporation will offer up to 4.94 crore shares.
Position in the Market
Upon listing, ICICI Prudential AMC will become the fourth asset management company to go public, following HDFC AMC, Nippon Life AMC, and UTI AMC. It is currently the second-largest fund house in India.
The largest player, SBI Funds Management, is unlisted but is expected to enter the public market early next fiscal year, as per SBI chairman CS Setty.
Business Profile and Financials
The joint venture between ICICI Bank and Prudential Holdings has been operational since 1998. As of March 2025, it was the largest domestic AMC by active mutual fund quarterly average AUM at Rs 8.79 trillion, commanding a 13.3% market share. SBI Funds Management is the overall largest with over Rs 12 trillion in AUM as of September.
The company also leads in specific segments, holding a 13.4% market share in equity schemes and a dominant 25.3% in equity-oriented hybrid schemes as of March 2025.
Beyond mutual funds, it has a growing alternates business covering portfolio management, alternative investment funds, and offshore advisory services.
Financial Performance:
- FY25 Revenue: Rs 4,977.3 crore (up from Rs 2,837.4 crore in FY23)
- FY25 Net Income: Rs 2,650.6 crore (up from Rs 1,515.8 crore in FY23)
IPO Execution and Significance
The company has appointed 18 investment banks as book-running lead managers for the deal, making it the largest number of bankers for an Indian IPO. This December issue is set to be the largest for the month and will help the IPO market close the year with a record Rs 2 trillion in total fundraising.
Lead Managers: ICICI Securities, Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura Securities, SBI Capital Markets, Goldman Sachs Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Investment Advisors, Nuvama Wealth, and UBS Securities.
