SEBI approves ICICI Prudential AMC's ₹10,000cr IPO
What's the story
The Securities and Exchange Board of India(SEBI) has approved the initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC). The approval was granted on Wednesday, with formal communication from the regulator to the AMC expected soon. The IPO will be a complete Offer for Sale (OFS), with no funds going to ICICI Prudential AMC.
Stake sale
Prudential Corporation Holdings to offload 10% stake
Prudential Corporation Holdings, the selling shareholder in this IPO, plans to offload 1.76 crore shares or 10% of its stake in the company. The issue size is estimated to be around ₹10,000 crore. ICICI Prudential AMC is a joint venture between ICICI Group and Prudential Corporation Holdings where the former holds a 51% stake while the latter holds 49%.
Market standing
ICICI Prudential AMC's market position and future plans
With over 32 years of experience in asset management, ICICI Prudential AMC is India's second-largest AMC with a market share of 13.3%. The company serves 14.6 million customers and has a quarterly average asset under management (AUM) of nearly ₹10 lakh crore as of March 2025. After the IPO, it will be the fifth listing from the ICICI Group after ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and ICICI Securities (which is now delisted).
Industry growth
ICICI Prudential AMC's IPO amidst India's growing mutual fund industry
The launch of ICICI Prudential AMC's IPO comes as India's mutual fund industry is witnessing rapid growth. Households are increasingly investing their savings into financial assets, with equity mutual fund returns post-COVID and the rising adoption of systematic investment plans (SIPs) driving strong inflows. The AUM of AMCs has grown to nearly ₹80 lakh crore.
IPO details
ICICI Prudential AMC's IPO launch and valuation targets
ICICI Prudential AMC is targeting a valuation of $12 billion to $12.5 billion for the IPO. The British JV partner Prudential Plc plans to offload a 10% stake as part of the OFS, making the potential size of the issue between $1.2 billion and $1.25 billion. The company has engaged 18 merchant bankers for its mega listing plans and is likely to launch the IPO in December with a possible listing by December 19.