MC EXCLUSIVE ICICI Prudential AMC may shortly file papers for up to Rs 10,000-cr IPO; pure OFS by British JV partner

ICICI Prudential AMC may shortly file papers for up to Rs 10,000-cr IPO; pure OFS by British JV partner

India's second largest asset management company in terms of managed assets, ICICI Prudential Asset Management Company, is likely to shortly file draft papers with market regulator Sebi for its proposed initial public offer (IPO), a pure OFS or offer for sale by Britain's Prudential Plc, possibly as early as this week, multiple industry sources in the know told Moneycontrol.

The 51:49 joint venture has existed for 26 years with ICICI Bank tying up with Prudential Plc back in 1998.

The British JV partner plans to raise up to Rs 10,000 crore by offloading part stake (a minimum dilution of 10 per cent stake is required), these sources added.

On June 10, Moneycontrol was the first to report that the firm had kicked off its mega listing plans, engaged an army of up to 17 investment banks, arguably an all-time record for size of IPO syndicates in India, and was planning to file its draft red herring prospectus (DRHP) by early July. An issue launch was likely in Q3FY26, the report had added.

If plans fructify, this would be the fifth listing from the ICICI Group after ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and ICICI Securities. It would also be the fifth mutual fund listing after HDFC Asset Management Company , Nippon Life India Asset Management Company, UTI Asset Management Company and Aditya Birla Sun Life.

When contacted, Prudential Plc said it could not comment beyond the disclosure shared in February. An immediate response could not be elicited from ICICI Bank and ICICI Prudential AMC and email queries to them remained unanswered at the time of publishing this article. This article will be updated as soon as we hear from these parties.

Led by MD and CEO Nimesh Shah and Executive Director and Chief Investment Officer Sankaran Naren, as of March 31, 2025, ICICI Prudential Mutual Fund had an AUM of Rs 9,14,878 crore and 1.1 crore + investors across 133 + schemes. SBI Mutual Fund is India's largest asset management company (AMC).

The AMC also caters to portfolio management services for investors, spread across the country, along with international advisory mandates for clients across international markets in asset classes like debt, equity and real estate, the website adds.

Recently, ICICI Bank said its board had approved purchase of up to 2 percent additional shareholding in ICICI Prudential Asset Management Company. "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 disclosure added.

Prudential Plc announced on February 12 that it is evaluating a potential listing of ICICI Prudential Asset Management Company Limited involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations.

"It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. We will provide a further update at an appropriate time. 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," the official statement added.

On the same day, ICICI Bank acknowledged the Prudential announcement and said,"We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment."

In March, ICICI Bank was informed by ICICI Prudential Asset Management Company and ICICI Venture Funds Management Company Limited that their respective Boards of Directors have approved in-principle a proposal to transfer the private equity, venture capital and real estate fund management business of I-Ven to IPru AMC.

"I-Ven would continue to undertake certain advisory activities as well as manage certain residual funds. The proposed transaction would enable the offering of an integrated full range of investment asset classes including private equity by IPru AMC," the disclosure said.

Prudential Plc provides life, health insurance and asset management to more than 18 million customers across 24 markets in Asia and Africa. Headquartered in London and Hong Kong, the business is focused on four strategic regions: Greater China, ASEAN, India and Africa.