ICICI Prudential AMC files papers with SEBI for ₹10,000cr IPO
What's the story
ICICI Prudential AMC has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). According to Bloomberg, the IPO could raise as much as ₹10,000 crore, potentially making it the second-largest public issue of 2025. To note, the public issue will be a complete offer for sale of up to 17.7 million shares.
Stake sale
PCHL will be sole selling shareholder in IPO
The only selling shareholder in this IPO is Prudential Corporation Holdings Limited (PCHL), a subsidiary of UK-based insurance giant Prudential Plc. The move comes after Prudential's previous announcement in February about its plans to list the Indian joint venture on domestic exchanges.
Market standing
IPO likely to value the firm at $12B
The offering is likely to value ICICI Prudential AMC at roughly $12 billion. The largest IPO so far this year was of HDB Financial Services, a subsidiary of HDFC Bank, which listed just last week—highlighting a renewed investor interest and a buoyant primary market. As of March 31, 2025, ICICI Prudential AMC managed assets worth ₹8.79 lakh crore in terms of quarterly average AUM (QAAUM), and served a customer base of 14.6 million investors.
Acquisition
ICICI Bank to acquire additional 2% stake in the JV
ICICI Bank, which presently owns a 51% stake in the AMC, has also notified stock exchanges of its plans to acquire an extra 2% stake in the firm from Prudential before the IPO. The transaction will be done under an inter-se agreement between ICICI Bank and PCHL, further strengthening ICICI Bank's control in the joint venture.