ICICI Prudential AMC Files For IPO; Prudential To Offload 10% Stake Worth Up To Rs 10,000 Crore
The ICICI Prudential IPO will be entirely an offer for sale (OFS) of up to 17.7 million shares — amounting to nearly 10% of the company's paid-up share capital.
ICICI Prudential Asset Management Company (AMC), India's second-largest mutual fund manager by assets, has filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The public issue will be entirely an offer for sale (OFS) of up to 17.7 million shares — amounting to nearly 10% of the company's paid-up share capital.
The sole selling shareholder in this IPO is Prudential Corporation Holdings Limited (PCHL), a subsidiary of UK-based insurance major Prudential Plc. The move follows Prudential's earlier announcement in February about its intent to list the Indian joint venture on the domestic bourses.
According to Bloomberg News, the IPO could fetch as much as Rs 10,000 crore ($1.2 billion), potentially making it the second-largest public issue of 2025. The offering is expected to value ICICI Prudential AMC at around $12 billion. The largest IPO so far this year was that of HDB Financial Services, a subsidiary of HDFC Bank, which listed just last week—highlighting renewed investor interest and a buoyant primary market.
ICICI Bank to Raise Stake in JV Pre-IPO
ICICI Bank, which currently owns 51% in the AMC, has also informed stock exchanges that it plans to acquire an additional 2% stake in the company from Prudential before the IPO. The transaction will be carried out under an inter-se agreement between ICICI Bank and PCHL, further strengthening ICICI Bank's control in the joint venture.
Robust Growth and Market Leadership
As of March 31, 2025, ICICI Prudential AMC managed assets worth Rs 8.79 lakh crore in terms of quarterly average AUM (QAAUM) and served a customer base of 14.6 million investors. A Crisil report states that the AMC operates the highest number of mutual fund schemes in India — 135 in total — including 42 equity-oriented schemes, 20 debt schemes, 56 passive strategies, 14 domestic fund-of-funds, one liquid fund, one overnight scheme, and one arbitrage fund.
The IPO will be managed by some of the world's leading investment banks and domestic players. Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India have been appointed as book-running lead managers to the offer.
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