ICICI Prudential Asset Management Company, the second largest AMC in terms of managed assets in India, has filed preliminary papers with the SEBI on July 8 to raise funds via an initial public offering.
The IPO will comprise a sole offer-for-sale of 1.76 crore equity shares by the foreign partner Prudential Corporation Holdings, with no fresh issue components.
This means the IPO proceeds will go to the selling shareholder, and the company will not receive any money from the offer.
Moneycontrol was the first to report last week quoting sources that ICICI Prudential Asset Management Company is likely to shortly file draft papers for up to Rs 10,000 crore worth IPO.
Since 1998, ICICI Prudential AMC has been operating as a joint venture between ICICI Bank and London-based Prudential Corporation Holdings with 51:49 shareholding.
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With over 30 years in the asset management industry, ICICI Bank subsidiary is the second largest asset management company in India, in terms of QAAUM (quarterly average assets under management), with a market share of 13 percent as of March 2025, serving 14.6 million customers.
If the IPO plan turns out successful, this would be the fifth listed firm from the ICICI Group, after ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, and ICICI Securities. Additionally, this would be the fifth asset management company to list on the bourses, following HDFC Asset Management Company, UTI AMC, Shriram AMC, Nippon Life India Asset Management, and Aditya Birla Sun Life AMC.
Led by Nimesh Vipinbabu Shah (the Managing Director and Chief Executive Officer), and Sankaran Naren (Executive Director and Chief Investment Officer), ICICI Prudential AMC has reported healthy financial numbers in the past years. Profit in fiscal 2025 grew by 29.3 percent to Rs 2,650.7 crore, up from Rs 2,049.7 crore in the previous year, and revenue soared 38.7 percent to Rs 4,682.8 crore, up from Rs 3,375.9 crore in the same period.
Total 18 merchant bankers - 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, ICICI Securities, Goldman Sachs (India) Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management, and UBS Securities India - are appointed to handle the big size ICICI Prudential Asset Management Company’s IPO.
This is the first time in Indian primary market history that the IPO is being managed by such many bankers.
ICICI Bank in its board meeting on June 27 this year has received approval for the purchase of up to 2 percent additional shareholding in ICICI Prudential AMC.
"This purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by the company," the bank said.
On February 12 this year, the British joint venture partner Prudential PLC announced its intention for a potential listing of and partial divestment of its stake in ICICI Prudential Asset Management Company.
On the same day, ICICI Bank said it intended to retain a majority shareholding in ICICI Prudential Asset Management Company, ensuring its long-term commitment.
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