ICICI Prudential AMC, Powerica, 2 others secure Sebi nods to launch IPOs

Synopsis Sebi has approved IPO proposals of ICICI Prudential AMC, Powerica, Annu Projects and Technocraft Ventures, allowing them to proceed after DRHP review. The issues include OFS, fresh equity, and large fundraising across asset management, power, EPC and infrastructure sectors. Securities and Exchange Board of India (Sebi) has given a go-ahead to ICICI Prudential Asset Management Company, Powerica, Annu Projects and Technocraft Ventures to launch their initial public offerings (IPO). While ICICI Prudential AMC and Powerica received a Sebi observation on November 26 (Wednesday), Annu and Technocraft received theirs on November 17 and November 25, respectively. In stock market parlance, a Sebi observation refers to the formal communication issued by the regulator after reviewing a company’s draft red herring prospectus (DRHP). It paves the way for companies to raise money from primary markets. ICICI Prudential AMC IPO Mumbai-based ICICI Prudential AMC will entirely be an offer for sale (OFS) where promoter Prudential Corporation Holdings will offload 17,652,090 equity shares, as per the Red Herring Prospectus (RHP) filed by the company. The Company had filed its IPO papers with Sebi on July 8, 2025. Live Events ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, operating since 1998. In its RHP, the company has claimed to be the largest asset management company in India in terms of active mutual fund quarterly average assets under management (QAAUM) with a market share of 13.3% as of March 31, 2025 (Source: CRISIL Report). As of March 31, 2025, the company’s total mutual fund QAAUM was Rs 8,79,410 crore. The company’s revenue from operations stood at Rs 4,977.3 crore during FY25 against Rs 2,837.4 crore during FY23 while the net profit was reported at Rs 2,650.6 crore during FY25 versus Rs 1,515.8 crore during FY23. ICICI Securities, Citigroup Global Markets India, Morgan Stanley India Company, BofA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Goldman Sachs (India) Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Investment Advisors, Nuvama Wealth Management and UBS Securities India are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer. Powerica IPO The public issue of Powerica Limited is a mix of a fresh equity issuance and an offer for sale (OFS). In the Rs 1,400 crore IPO, the company will issue fresh shares worth Rs 700 crore while an OFS of Rs 700 will be done by promoter shareholders Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust. Powerica is a power solutions company specializing in diesel generator sets (DG sets) for main and backup use. The company offers a comprehensive range of generator sets with capacities ranging from 7.5 kVA to 10,000 kVA, designed to meet the distinctive requirements of diverse industries and applications. Annu Projects IPO Annu Projects IPO will entirely be a fresh issue where the company will offer up to 2.2 crore shares. The company is promoted by Sanjay Kumar Sarraf and Krishna Ranjan. Annu Projects is an engineering, procurement, and construction (EPC) company engaged in design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure, and gas pipeline verticals. The company facilitates in obtaining RoW (Right of Way) from relevant authorities to lay optical fibres for telecom infrastructure or sewerage infrastructure or gas pipelines. The lead manager for the issue is Mefcom Capital Markets Limited while KFin Technologies Limited is the registrar to the issue. Technocraft Ventures IPO Technocraft Ventures IPO comprises a fresh issue and an OFS. The company will offer up to 9,505,000 shares as fresh equity while 2,376,000 shares will be offloaded by the promoter Kartikey Constructions. The other promoters are Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi and Sanjay Tyagi HUF. Incorporated on October 21, 1998, Technocraft is a public infrastructure development company that undertakes turnkey Engineering, Procurement, and Construction (EPC) projects. The company works across multiple infrastructure sectors, delivering projects mainly for state governments and government agencies in northern India, including Uttar Pradesh, Uttarakhand, Rajasthan, and the National Capital Territory of Delhi. Its services cover projects related to water & wastewater infrastructure and roads & highways. The Book Running Lead Manager (BRLM) is Khambatta Securities while the registrar to the offer is Bigshare Services Private Limited. 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