ICICI Prudential AMC Files ₹10,000 Cr IPO; Entirely Offer for Sale by Prudential Corp

ICICI Prudential Asset Management Company (AMC), India’s second-largest fund house by assets under management (AUM), has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 8, 2025, for an initial public offering (IPO) that could raise up to ₹10,000 crore ($1.2 billion).

According to a report from Bloomberg, the IPO may value the AMC at approximately $12 billion, positioning it among the most significant public issues in India’s asset management industry.

Entire Issue is Offer for Sale by Prudential Corp

The IPO will be structured as an Offer for Sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings (PCHL), the UK-based joint venture partner in ICICI Prudential AMC.
There is no fresh issue component, meaning all proceeds from the offering will go directly to PCHL, and ICICI Prudential AMC will not receive any new capital infusion from the IPO.

Ownership Structure and Pre-IPO Deal

Formed in 1998, ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings. Currently, ICICI Bank holds a 51% stake, while the remaining 49% is owned by PCHL.

Alongside the IPO filing, ICICI Bank entered into an inter-se agreement with PCHL on July 8, 2025, expressing intent to acquire up to 2% of the fully diluted pre-IPO equity from its UK partner.
This acquisition is subject to the finalisation of terms, corporate and statutory approvals, and applicable legal considerations.

Strong Market Position and Customer Base

As of March 2025, ICICI Prudential AMC held a 13% market share in quarterly average assets under management (QAAUM). The AMC services a wide retail and institutional base of 14.6 million customers across India.

With over 25 years of experience in India’s asset management sector, the firm is a dominant player in the mutual fund industry and continues to scale its retail outreach, digital platforms, and product innovation.

Solid Financial Performance in FY25

ICICI Prudential AMC reported strong financial results for FY25, reinforcing investor interest in the IPO.

• Net profit surged 29.3% YoY to ₹2,650.7 crore

• Revenue rose 38.7% YoY to ₹4,682.8 crore

The company is led by Nimesh Vipinbabu Shah, Managing Director and CEO, with Sankaran Naren serving as Executive Director and Chief Investment Officer (CIO).

A Milestone for ICICI Group and AMC Sector

If successful, the IPO will make ICICI Prudential AMC the fifth listed entity from the ICICI Group, after:

• ICICI Bank

• ICICI Prudential Life Insurance

• ICICI Lombard General Insurance

• ICICI Securities

It will also become the fifth publicly listed asset management company in India, joining:

• HDFC AMC

• Nippon Life India AMC

• UTI AMC

• Aditya Birla Sun Life AMC

• Shriram AMC

Record-Breaking Syndicate of 18 Merchant Bankers

In an unprecedented move, 18 merchant bankers have been appointed to manage the IPO—the largest syndicate ever for an Indian IPO.
The list includes both domestic and global financial powerhouses:

• Citigroup, Morgan Stanley, Goldman Sachs, BofA Securities

• Axis Capital, ICICI Securities, Kotak Mahindra Capital, SBI Capital

• Nomura, CLSA, IIFL Capital, HDFC Bank, JM Financial

• Motilal Oswal, Avendus Capital, UBS Securities India, BNP Paribas, Nuvama Wealth

This large banking consortium reflects the anticipated scale and global investor interest in the IPO.

Strategic Intent and Future Outlook

Back in February 2025, Prudential PLC formally announced its plan to partially exit the joint venture via a public issue. On the same day, ICICI Bank reaffirmed its commitment to retain majority control of the AMC as part of its long-term strategy.

The IPO will allow PCHL to monetize part of its investment while enabling ICICI Prudential AMC to gain enhanced market visibility, setting the stage for future expansion, innovation, and investor outreach.

Conclusion: A Landmark IPO in Indian Asset Management

The proposed ₹10,000 crore IPO of ICICI Prudential AMC is set to be a milestone listing in India’s capital markets, attracting both institutional and retail investors.
With a strong market position, stellar financial performance, and backing from marquee financial partners, the IPO reflects the rising investor confidence in India's mutual fund industry.

As one of the most anticipated public offerings in 2025, ICICI Prudential AMC’s debut will not only redefine the landscape for asset management companies but also strengthen the ICICI Group’s standing in Indian finance.