With this IPO, ICICI Prudential AMC is set to join the growing list of publicly traded asset management companies in India, as it looks to further strengthen its market leadership and expand its footprint in both traditional and alternative investment spaces.
ICICI Prudential AMC files papers for Rs 10,000 crore IPO
ICICI Prudential Asset Management Company, India’s second-largest asset manager, has filed draft papers with SEBI for an initial public offering (IPO) estimated at Rs 10,000 crore. The entire IPO will be an offer for sale (OFS) of up to 1.76 crore shares by its foreign joint venture partner, Prudential Corporation Holdings, which is based in the UK. Since the IPO is entirely an OFS, the proceeds will go to Prudential and not to the company itself.
The shares will be offered at a face value of Rs 1 each, and the IPO will include a reservation for eligible ICICI Bank shareholders under a special quota. The offering is structured through the book-building process, with up to 50 per cent of the issue reserved for qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs), and at least 35 per cent earmarked for retail investors, aligning with SEBI’s allocation norms.
