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ICICI Prudential AMC IPO
ICICI Prudential Asset Management Company IPO size is ₹10,602.65 crores purely comprising an OFS of approximately 4.94 crore equity shares by promoter Prudential Corporation Holdings Ltd., without the fresh issue component. The price band is ₹2,061 - 2,165 per share (face value of ₹1) and at the upper end of the range, the issue translates into a valuation of about ₹1.07 lakh crore. BHL IPO opens on 12 December 2025 and closes on 16 December 2025. The anchor will be open for bidding on 11 December, allotment will be done on 17 December and the listing date is 19 December on BSE and NSE.
Company Background
ICICI Prudential AMC is one of the leading AMCs in India and a joint venture between ICICI Bank and Prudential Corporation Holdings (owned by Prudential Plc). It runs mutual funds, portfolio management services (PMS), alternative investment funds (AIF) and advisory mandates for domestic and offshore clients. As of March 31, 2025, its mutual fund QAAUM is around ₹8,794 billion and has over 1.48 crore investors in more than 135 equity and equity-oriented schemes (including ETFs), over 20 debt schemes (including funds of Funds) and over 56 passive/index funds.
Business and Product Mix
Operations and Product Range
It provides investors with a complete diversified platform across active equity, hybrid, passive ETFs/index funds, debt (credit risk), liquid/overnight and solution-oriented funds, as well as PMS, AIF strategies. Its leadership positions in market share for equity-oriented schemes (13.4% share of the market) and hybrid equity schemes (25.3% QAAUM as at March 2025) further provide comfort regarding its growing alternatives and advisory franchise.
Distribution and Market Presence
ICICI Prudential AMC employs a multi-channel distribution system that encompasses banks, national distributors, IFAs, digital platforms and direct plans. Private investors form an important component, contributing about ₹5.66 lakh crore of its monthly average AUM and constituting the highest individual share (13.8%) in the industry. Its AMC is pan-India in terms of physical presence and strong digital engagement for SIPs and direct plans.
ICICI Prudential AMC IPO Revenue
- • Mutual fund management fees: Primary source from investment and advisory fees on equity, hybrid, debt, liquid and passive schemes based on AUM.
- • PMS and AIF fees: Portfolio management and performance fees from discretionary PMS mandates and Category II/III alternative investment funds.
- • Advisory mandates: Fees from offshore funds and segregated portfolio advisory services for institutional clients.
- • Other income: Treasury investments, distribution charges and ancillary asset management services.
Management and shareholding
Promoters and Shareholding
Pre-IPO, ICICI Bank and Prudential Corporation Holdings hold 51% and 49% respectively in the AMC. The ICICI Prudential AMC IPO is a 100% OFS by Prudential, which would be selling close to a 10% stake (around 4.94 crore shares), bringing down its stake from 49% to ~39%, while the 51% holding of ICICI Bank remains constant.
Board and Leadership
The board of ICICI Prudential AMC IPO has representatives from both ICICI Bank and Prudential, as well as independent directors and senior professionals with extensive experience in investments, risk, distribution and regulation. The leadership team has a proven track record of managing cycles in equity and debt markets and of scaling mutual fund and alternative businesses.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
ICICI Prudential AMC IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
ICICI Prudential AMC IPO Details
| Detail | Description |
|---|---|
| IPO Date | Fri, Dec 12, 2025 to Tue, Dec 16, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹2061 to ₹2165 per share |
| Lot Size | 6 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 4,89,72,994 shares (aggregating up to ₹10,602.65 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 49,42,58,520 shares |
| Share Holding Post Issue | 49,42,58,520 shares |
ICICI Prudential AMC IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Dec 12, 2025 |
| IPO Close Date | Tue, Dec 16, 2025 |
| Tentative Allotment | Wed, Dec 17, 2025 |
| Initiation of Refunds | Thu, Dec 18, 2025 |
| Credit of Shares to Demat | Thu, Dec 18, 2025 |
| Tentative Listing Date | Fri, Dec 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Dec 16, 2025 |
ICICI Prudential AMC IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 6 | ₹12,990 |
| Individual investors (Retail) (Max) | 15 | 90 | ₹1,94,850 |
| S-HNI (Min) | 16 | 96 | ₹2,07,840 |
| S-HNI (Max) | 76 | 456 | ₹9,87,240 |
| B-HNI (Min) | 77 | 462 | ₹10,00,230 |
ICICI Prudential AMC IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • AMC franchise with large and diversified AUM (₹8.79 lakh crore in mutual fund QAAUM), strong market share in equity and hybrid schemes and deep product shelf across active, passive and alternatives.
- • Strong financials with revenue of ₹4,980 crore and PAT shipping around ₹2,651 crore by FY2025, high operating leverage and robust ROE/ROA driven through assets light/intensity model and scalability of fee income business model.
- • Strong brand and distribution supported by ICICI Bank and Prudential, large retail base (1.48+ crore investors) along with a top individual AUM share, delivering sticky flows and visibility.
ICICI Prudential AMC IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 4,827.34 | 2,949.61 | 1,617.74 | 3,921.56 | - | 3,903.91 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 4,384 | 4,980 | 2,650.66 | 3,516.94 | - | 3,432.85 | ||||||||||||||||||||||||||||||||||
| 30 Sep 2024 | 4,096.74 | 2,458.23 | 1,327.11 | 3,272.28 | - | 3,254.63 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 3,554.09 | 3,761.21 | 2,049.73 | 2,882.84 | - | 2,798.75 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 2,804.76 | 2,838.18 | 1,515.78 | 2,313.06 | - | 2,228.97 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 82.80% |
| RoNW | 82.80% |
| EBITDA Margin | 0.36% |
| Price to Book Value | 30.41 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 53.63 | 65 |
| P/E (x) | 40.37 | 33 |
ICICI Prudential AMC IPO objectives
Since ICICI Prudential AMC IPO is a pure OFS and ICICI Prudential AMC will not get any money directly, the proceeds go to the selling shareholder, Prudential Corporation Holdings Ltd. The main purposes of the issue are to achieve liquidity and offer part-exit to Prudential Corporation, enlarge the public shareholding base and improve visibility and corporate profile through listing on the mainboard.
Conclusion
ICICI Prudential AMC IPO offers investors an opportunity to invest in India’s largest asset manager with a strong brand, efficient AUM (Assets under management, which is also growing at a healthy pace), high profitability and robust return ratios. As a pure OFS with a rich valuation, this one is suited for investors looking to play out the long-term story of India’s financialization and mutual fund penetration theme rather than listing pop alone.
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Frequently Asked Questions (FAQs)
-
Q1: How large is the ICICI Prudential AMC IPO?
The size of the IPO is ₹10,602.65 crores and it is a completely Offer For Sale (OFS) by Prudential Corporation Holdings Ltd with no fresh issue.
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Q2: What is the price band and the minimum order lot?
The price band is ₹2,061-2,165 a share, with a minimum lot size of 6 shares. It therefore costs retail investors about ₹12,990 at the upper band.
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Q3: When will the ICICI Prudential AMC IPO open and list?
The IPO opens on 12 December 2025 and closes on 16 December, allotment is finalized by 17 December and listing is scheduled for 19 December on BSE and NSE.
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Q4: What does ICICI Prudential AMC do?
It manages mutual funds, portfolio management services (PMS), alternative investment funds (AIFs) and advisory mandates for institutional clients and high-net-worth individuals through product categories, including equity, debt, hybrid, passive and solution-oriented schemes.
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Q5: What are the financials of ICICI Prudential AMC IPO and how do they compare?
Revenue and PAT for FY2025 would be in the range of ₹4,977-4,980 crore and ₹2,651 crore (with strong margins and high return ratios), with a strong 3 years CAGR revenue growth rate of ~33%.
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Q6: Who are the promoters and what is their stake after the IPO?
Promoters ICICI Bank holds 51% and Prudential has 49% pre-IPO in ICICI Prudential AMC IPO, with the latter to sell about 10% (or) via an offer for sale (OFS), post which its stake would stand at 39%, while the stake of ICICI Bank remains unchanged at 51%.
