ICICI Pru AMC gets final Sebi nod for Rs 10,000 crore share sale

MUMBAI: ICICI Prudential Asset Management Company has said it has received the final approval from the capital markets regulator Sebi for its mega Rs 10,000 crore initial public offering through a secondary sale of securities by one of its promoter entities. The city-based company, part-owned by ICICI Bank and the British financial services major Prudential Corporation Holdings, had filed its IPO papers with Sebi on July 8. As on date, the issued, subscribed and paid-up share capital of the company is 17,6,52,090 shares of Re 1. Post-completion of the proposed bonus issuance, the same will increase from 17,65,20,900 shares of face value of Re 1 each to 49,42,58,520 shares of face value of Re 1 each, the company said in a statement. Subsequent to the proposed bonus issuance, the number of offered shares by Prudential Corporation shall be up to 4,94,25,852 shares of face value of Re 1 each, it added. Upon listing, the second largest fund house will be the fourth fund house to go public after HDFC AMC, Nippon Life AMC and UTI AMC. The largest fund house SBI Funds is not listed yet but is likely to hit the public market in the early part of the next fiscal year, according to SBI chairman CS Setty. The issue will only be an OFS by its co-promoter Prudential Holdings that owns 49% in the company (rest being held by ICICI Bank which is not participating in the OFS). ICICI Prudential AMC has been in operations as a joint venture between ICICI Bank and Prudential Holdings since 1998. It is the largest domestic asset management company in terms of active mutual fund quarterly average assets under management of Rs 8.79 trillion and a market share of 13.3% as of March 2025. But overall, SBI Funds Management is the largest player with over Rs 12 trillion as of September. As of March 2025, it also had the highest market share in equity and equity-oriented schemes of 13.4% and also in equity-oriented hybrid schemes with 25.3%. In addition to its mutual fund business, the company also has a growing alternates business comprising portfolio management services, management of alternative investment funds and advisory services to offshore clients. Its revenue from operations stood at Rs 4,977.3 crore in FY25, up from Rs 2,837.4 crore in FY23 from which it earned net income of Rs 2,650.6 crore in FY25 and Rs 1,515.8 crore in FY23. The company has roped in the largest number of i-bankers – totaling as many as 18 for the mega deal, which will be the largest issue in December, helping the IPO market to close with a record Rs 2 trillion in fund raise. The book-running lead managers of the issue are ICICI Securities, Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura Securities, SBI Capital Markets, Goldman Sachs Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Investment Advisors, Nuvama Wealth and UBS Securities.