ICICI Prudential AMC gets Sebi nod for Rs 10,000 Cr IPO

The country’s second largest mutual fund house, ICICI Prudential Asset Management Company, has received final approval from the Securities and Exchange Board of India (Sebi) for its Rs 10,000 crore initial public offering (IPO). The firm had filed its IPO papers with Sebi on 8 July for an offer for sale by promoter – Prudential Corporation Holdings. The issuance will be led by 18 investment banks, ICICI Securities, Citigroup, Morgan Stanley, BofA Securities, Nomura, SBI Capital Markets, Goldman Sachs and UBS Securities, among others. A brief overview of ICICI Prudential AMC ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, operating since 1998. The company is among the largest AMC in India by assets. By another metric it is the largest — in terms of active mutual fund (MF) quarterly average assets under management (QAAUM) with a market share of 13.3% as of March 31, 2025, according to Crisil. In February, the British JV partner had said that it is evaluating a potential listing of ICICI Prudential Asset Management Company Limited involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations. It had said: “It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders it had said. India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market. After that, a regulatory filing by ICICI Bank had acknowledged the announcement and said in a regulatory filing, “The bank intends to retain its majority shareholding in ICICI Prudential Asset Management Company ensuring long-term commitment.” What did the disclosure say? Recently, the Bank’s board approved purchase of up to 2% additional shareholding in ICICI Prudential Asset Management Company. “This purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by the company,” the disclosure said. The company’s revenue from operations was Rs 4,977.3 crore during FY 25 vis-à-vis Rs 2, 837.4 crore during FY 23. The company’s net profit was Rs 2,650.6 crore during FY 25 vis-à-vis Rs 1,515.8 crore during FY 23. In addition to its mutual fund business, ICICI Prudential AMC also has a growing alternates business comprising portfolio management services (PMS), management of alternative investment funds (AIFs) and advisory services to offshore clients (PMS, AIF and advisory, collectively Alternates). These follow a flurry of unicorn listings—Lenskart, Groww, Pine Labs, and Physics Wallah—in early November. The IPO rush is expected to make 2025 the biggest year ever, in terms of mobilisation of funds, of around Rs 2 lakh crore.