ICICI Prudential AMC plans Rs 10,000-crore public issue
MUMBAI: The second largest asset management company in terms of managed assets, ICICI Prudential Asset Management Company, is planning a mega Rs 10,000-crore initial share sale that will purely be an offer by the foreign promoter. The company has roped in as many as 15 investment banks, including Citi, Goldman Sachs, Morgan Stanley and BofA Securities, a record in the IPO space.
According to two sources, ICICI Securities and Citi were hired earlier this year for the deal and the 26-year-old company, in which the British financial powerhouse Prudential Plc owns 49%, recently mandated Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital, BofA Securities, IIFL Capital, Nomura Securities, JM Financial, Motilal Oswal, Avendus Capital, Nuvama, BNP Paribas, CLSA Securities and SBI Capital.
On the legal side, the company has roped in law firms Cyril Amarchand Mangadlas and Shardul Amarchand Mangaldas as legal advisors for the issue.
In comparison, when Bharti Infratel went public in 2012, it had engaged 13 investment banks for the issue.
As of March 2025, ICICI Prudential AMC had an AUM of Rs 9.15 trillion with over 1.1 crore investors across 133 schemes, while the market leader SBI Funds has around Rs 10.76 trillion in AUM. There are only three listed AMCs-- HDFC AMC, Nippon Life India AMC and UTI AMC. The largest fund house SBI Funds is not listed yet.
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