ICICI Prudential Asset Management Company, a part of the leading private sector lender ICICI Bank, has raised Rs 3,021.8 crore from 149 anchor investors on December 11, a day before the launch of mega IPO worth Rs 10,603 crore at a valuation of Rs 1.07 lakh crore.
The maiden public issue from the ICICI Group company will open for the public during December 12-16, with price band of Rs 2,061-2,165 per share. It is entirely an offer-for-sale by the UK promoter Prudential Corporation Holdings, so the AMC will not receive any money from the offer.
ICICI Prudential AMC that claims the second largest asset management company in terms of QAAUM with a market share of 13.2 percent has finalised allocation of 1.39 crore equity shares to anchor investors at the upper price band.
"Out of the total allocation to anchor investors, 46.62 lakh equity shares (33.4 percent of total anchor book) were allocated to 27 domestic mutual funds including HDFC AMC, SBI Mutual Fund, WhiteOak Capital, Helios, Kotak Mahindra AMC, Axis MF, Aditya Birla Sun Life AMC, DSP MF, Quant Mutual Fund, HSBC MF, Invesco, Edelweiss, and PGIM, " the company in its filing to exchanges said.
Marquee global investors that participated in the anchor book were Capital Group, Monetary Authority of Singapore, Temasek, CLSA Global, Fidelity, JP Morgan, Government Pension Fund Global, BlackRock, Goldman Sachs, Amundi Funds, Prudential Assurance Company, Abu Dhabi Investment Authority, Integrated Core Strategies Asia, and Societe Generale.
Several insurance companies like Life Insurance Corporation, HDFC Pension Fund, SBI Pension Fund, SBI Life, Tata AIA Life, HDFC Life, Bajaj General Insurance, Canara HSBC Life, Future Generali India, Go Digit, and Reliance General also became shareholders in the asset management company by picking up 16.9 lakh shares worth Rs 366 crore.
After the IPO, Prudential Corporation Holdings, a part of multinational insurance and asset management group Prudential plc, is expected to reduce its shareholding in the asset management company to 34.5 percent, from 44.5 percent currently.
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On December 9, Prudential Corporation already cut its shareholding in the AMC ahead of IPO, to 44.5 percent from 49 percent earlier, by selling 4.5 percent stake to ICICI Bank and other 26 global and domestic institutional investors including Premji Invest, the University of California, 360 ONE funds, the estate of the late Rakesh Jhunjhunwala, HCL Capital, 3P India managed by Prashant Jain, Manish Chokhani, Madhu Kela, WhiteOak, ChrysCapital, Malabar and Think Investments.
ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation since 1998 with 51:49 percent shareholding. The bank has increased its stake in the AMC to 53 percent after acquiring 2 percent shares (out of 4.5 percent sold by Prudential) on December 9.
In addition to the mutual fund business, ICICI Prudential AMC also involved in the alternates businesses comprising portfolio management services (PMS), management of alternative investment funds (AIFs) and advisory services to offshore clients. It manages the largest number of schemes (i.e. 143 schemes comprising 44 equity and equity-oriented schemes, and 61 passive schemes) in the mutual fund industry.
ICICI Prudential AMC, which competes with HDFC Asset Management Company, Nippon Life India Asset Management, UTI AMC, and Aditya Birla Sun Life AMC, has registered healthy earnings growth in the recent past with profit in six months period ended September 2025 growing 22 percent to Rs 1,617.7 crore, and revenue rising 20 percent to Rs 2,949.4 crore compared to corresponding period last fiscal.
Post listing effective December 19, this would be fourth company available for trading on the bourses from the ICICI Group after ICICI Bank, ICICI Prudential Life Insurance Company, and ICICI Lombard General Insurance Company.
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