ICICI Prudential AMC files for ₹10,000 crore IPO
ICICI Prudential Asset Management Company (AMC), India’s second-largest asset manager, is gearing up for an Initial Public Offering (IPO) estimated at ₹10,000 crore. The company has filed draft papers with the Securities and Exchange Board of India (SEBI) to list its shares on the stock market.
But here’s the twist: the entire offering is an “Offer for Sale” (OFS), meaning the proceeds won’t flow to ICICI Prudential AMC itself but to its foreign joint venture partner, Prudential Corporation Holdings, based in the UK.
The IPO structure
ICICI Prudential AMC will be offering up to 1.76 crore shares at a face value of ₹1 each. What makes this IPO noteworthy is the inclusion of a special reservation for eligible ICICI Bank shareholders, under a separate quota.
The IPO will be conducted via the book-building process, a popular method where the price band is set and investors can bid within that range. The structure of the offering is divided into different categories: up to 50% of the issue will be reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and 35% will be earmarked for retail investors. This aligns with the regulations set by SEBI, ensuring a broad investor base
The numbers behind
As of March 2025, ICICI Prudential AMC's total mutual fund quarterly average assets under management (QAAUM) stood at a hefty ₹8.79 lakh crore. This figure includes the company’s dominant position in the equity segment, where it holds the highest market share of 13.4% in equity and equity-oriented schemes among Indian asset managers. It’s clear that the company is a key player in the Indian asset management industry, with a strong presence in both retail and high-net-worth individual investor segments.
Moreover, the company has diversified its offerings. In addition to traditional mutual funds, ICICI Prudential AMC has been expanding into the alternatives space, providing services like portfolio management, alternative investment fund (AIF) management, and offshore advisory.
Financial record
ICICI Prudential AMC has shown impressive growth in its financials. The company’s revenue from operations surged by 32.4%, from ₹3,758 crore in FY 2024 to ₹4,977 crore in FY 2025. A significant contributor to this growth was the rise in fee and commission income. Profit After Tax (PAT) also saw a strong 29.3% increase, reaching ₹2,651 crore in FY 2025, compared to ₹2,050 crore the previous year.
These numbers signal that ICICI Prudential AMC is in a strong position, with a solid track record and a growing client base. And now, with the IPO on the horizon, the company seems poised to cement its status as a public entity in India’s flourishing asset management industry.
For investors
With the IPO filing, ICICI Prudential AMC is following in the footsteps of other publicly traded asset management firms in India. While the OFS structure means that the company won’t directly benefit from the funds raised, the public listing will likely bring more visibility and potentially enhance its market leadership.
If successful, this IPO could also pave the way for other firms in the sector to go public, contributing to the continued evolution of India’s financial markets.
