Prudential’s Big Exit, ICICI’s Bold Play: AMC IPO Sparks Market Buzz

ICICI Prudential Asset Management Company (AMC), India’s second-largest mutual fund manager, has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI, BSE, and NSE for a public listing. The IPO will be structured entirely as an Offer for Sale (OFS) by Prudential Corporation Holdings Limited, the UK-based joint venture partner.

 

Key Highlights of the IPO Filing:

 

- The OFS comprises up to 17.6 million equity shares, representing 10% of ICICI Prudential AMC’s share capital

- No fresh issue component; proceeds will go solely to Prudential Corporation Holdings

- ICICI Bank, which holds a 51% stake, plans to acquire an additional 2% from Prudential before the IPO

- The IPO could raise up to ₹10,000 crore ($1.2 billion), valuing the AMC at approximately $12 billion

 

Company Snapshot and Market Position:

 

- ICICI Prudential AMC holds a 13.3% market share in quarterly average assets under management as of March 2025

- Serves 14.6 million customers across India

- Offers 135 mutual fund schemes across equity, debt, passive, and hybrid categories

- FY25 profit rose 29.3% to ₹2,650.7 crore, with revenue up 38.7% to ₹4,682.8 crore

 

Strategic Implications:

 

This IPO marks the fifth ICICI Group company to go public and the fifth AMC to list in India. With 18 merchant bankers onboard, it’s one of the most widely managed IPOs in Indian capital market history.

 

Sources: Economic Times, Business Standard, The Hindu BusinessLine, Prudential PLC Newsroom, SEBI IPO Filings Portal