From Mutual Funds to Infrastructure: SEBI Clears Mega IPOs for 2025

Updated: December 01, 2025 23:43

Image Source: NDTV Profit

SEBI has granted final approval for IPOs of ICICI Prudential AMC, Annu Projects, Technocraft Ventures, and Powerica, paving the way for these companies to enter the primary market. The move signals robust investor appetite and strengthens the pipeline of new listings in 2025.

The Securities and Exchange Board of India (SEBI) has cleared the initial public offering (IPO) proposals of four prominent companies: ICICI Prudential Asset Management Company (AMC), Annu Projects, Technocraft Ventures, and Powerica. This approval comes at a time of strong momentum in the Indian primary market, with 2025 set to become a record year for fund mobilisation through IPOs.

ICICI Prudential AMC, the country’s second-largest mutual fund house and a joint venture between ICICI Bank and Prudential Corporation Holdings, has secured approval for its mega ₹10,000 crore IPO. The offering will be an offer-for-sale by promoter Prudential Corporation Holdings, making it the fifth listed entity from the ICICI Group.

Annu Projects, a specialist in infrastructure EPC services, filed its draft papers in July 2025. The IPO will involve a fresh issue of up to 2.2 crore equity shares with no offer-for-sale component. The company reported strong financials for FY24, with revenue at ₹155.42 crore and net profit at ₹17.39 crore.

Technocraft Ventures, focused on wastewater treatment and urban utilities, will launch its maiden public offering with a fresh issue of up to 95.05 lakh shares and an OFS of 23.76 lakh shares. Powerica, a power solutions provider, has also received SEBI’s nod for an IPO of about ₹1,400 crore, split between fresh issue and promoter OFS.

Notable Updates:

ICICI Prudential AMC’s IPO is a ₹10,000 crore offer-for-sale by Prudential Corporation Holdings, marking the ICICI Group’s fifth listed entity.
Annu Projects’ IPO is a pure fresh issue, targeting infrastructure growth with robust FY24 financials.
Technocraft Ventures’ IPO includes both fresh issuance and OFS, with proceeds earmarked for working capital and general corporate purposes.
Powerica’s IPO is valued at ₹1,400 crore, with equal split between fresh issue and OFS.

Important Points:

All four companies have now received SEBI’s final observation letter and can proceed with filing their red herring prospectuses.
IPO pricing, bidding dates, and lot sizes will be announced soon.
The approvals reinforce India’s status as a top destination for new listings in 2025.

Sources: NDTV Profit, Moneycontrol, The Economic Times, BusinessLine, Financial Express

Stay Ahead – Explore Now! Banking on Growth: Utkarsh Small Finance Bank's Loan Portfolio Jumps 7.5% in Just One Year