July 10, 2025
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ICICI Prudential AMC Files for Rs.10,000 Crore IPO; Entirely an Offer for Sale by Prudential Corp
ICICI Prudential Asset Management Company (ICICI Prudential AMC), India’s second-largest asset manager by assets under management, has filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 8, 2025, for a public offering aimed at raising up to ₹10,000 crore (approximately $1.2 billion). The IPO is expected to value the company at around $12 billion.
The issue is structured as a pure Offer for Sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings Ltd (PCHL), the UK-based joint venture partner. There will be no fresh issue of shares, meaning the entire proceeds will go to the selling shareholder, and the AMC will not receive any capital inflow.
Founded in 1998, ICICI Prudential AMC is a joint venture between ICICI Bank (holding 51%) and Prudential Corporation Holdings (holding 49%). On the same date as the DRHP filing, ICICI Bank signed an inter-se agreement to acquire up to 2% of the AMC’s fully diluted pre-IPO share capital from PCHL, subject to regulatory approvals and final terms.
As of March 2025, ICICI Prudential AMC held a 13% market share in quarterly average AUM and served 14.6 million customers across India. It is among the most prominent players in India’s mutual fund industry, backed by decades of expertise.
If listed, the company will become the fifth ICICI Group entity on the bourses after ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also be the fifth AMC to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram AMC.
The company is led by Nimesh Vipinbabu Shah (MD & CEO) and Sankaran Naren (ED & CIO). For FY25, the AMC reported a 29.3% YoY rise in net profit to ₹2,650.7 crore and a 38.7% increase in revenue to ₹4,682.8 crore.
A record 18 merchant bankers have been appointed to manage the IPO — the largest syndicate ever for an Indian issue. The list includes Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL, Kotak, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama, and UBS.
This filing follows Prudential PLC’s announcement on February 12, 2025, of its intention to partially divest its stake via IPO. ICICI Bank, on the same day, reaffirmed its commitment to retain majority control of the AMC as part of its long-term strategic roadmap.
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