SEBI clears IPO of ICICI Prudential AMC; check key details

SEBI clears IPO of ICICI Prudential AMC; check key details

The market regulator Securities and Exchange Board of India (SEBI) has cleared the IPO of ICICI Prudential AMC, sources have confirmed to Moneycontrol. According to sources, the issue received clearance from SEBI on Wednesday, and formal communication to the AMC from the regulator is expected soon.

ICICI Prudential AMC had filed the application for an Offer for Sale (OFS) in July this year. The selling shareholder, Prudential Corporation Holdings, will be offloading 1.76 crore shares, or 10 percent of its stake in the company. The issue will be a 100 percent OFS, and no money will go to the AMC. As per market sources, the issue size is expected to be around Rs 10,000 crore.

The AMC is a joint venture with Prudential Corporation Holdings, wherein ICICI Group holds 51 percent and Prudential holds 49 percent. With over 32 years of experience in asset management, ICICI Prudential AMC is the second-largest AMC with a 13.3 percent market share and a quarterly average asset under management as of March 2025, serving 14.6 million customers, according to the IPO documents. The AMC has close to Rs 10 lakh crore of AUM.

After listing, the IPO will mark the fifth listing from the ICICI Group, joining ICICI Bank, ICICI Prudential Life, ICICI Lombard General, and ICICI Securities. (ICICI Securities is now delisted.) It will also be the fifth AMC to list after HDFC AMC, Nippon Life India AMC, UTI AMC, and Aditya Birla Sun Life AMC.

There are a record 18 merchant bankers for the AMC’s IPO, including Citibank, ICICI Securities, Morgan Stanley, and Goldman Sachs.

The launch of the issue comes against the backdrop of rapid growth in India’s mutual fund industry, as households increasingly channel their savings into financial assets. Buoyant equity mutual fund returns post-Covid and the rising adoption of systematic investment plans (SIPs) have continued to drive strong inflows. The AUM of AMCs has grown to nearly Rs 80 lakh crore.

As per media reports, the issue may open next month, though sometimes companies take more time in road shows and fixing the price bands.

An email sent to ICICI Prudential AMC could not elicit response immediately.