ICICI Prudential AMC IPO

About ICICI Prudential AMC IPO

The ICICI Prudential AMC IPO comprises exclusively an offer for sale. There is no fresh issue in this 100% book-built offer. The offer for sale will comprise up to 48,972,994 equity shares. The price band is ₹2061 to ₹2165 per share.

ICICI Prudential AMC IPO opens on December 12, 2025 and closes on December 16, 2025. The allotment of shares will take place on December 17, 2025. The credit of shares to the Demat account will take place on December 18, 2025. The initiation of refunds will take place on December 18, 2025. The listing of shares will take place on December 19, 2025.

The lot size of shares in the ICICI Prudential AMC IPO is 6. The minimum number of lots in the IPO for retail investors is 1.The minimum investment amount required by a retail investor is ₹12,990 based on the upper price.

ICICI Prudential AMC is 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 September 30, 2025. As of September 30, 2025, its total mutual fund QAAUM was ₹10,147.6 billion.

Objectives of ICICI Prudential AMC IPO

ICICI Prudential AMC will not receive the proceeds from the offer (the “Offer Proceeds”) and all the offer proceeds will be received by the promoter selling shareholder after deduction of Offer related expenses and relevant taxes thereon, to be borne by the promoter selling shareholder.

Industry Outlook

In fiscal 2025, the equity markets in India have achieved record levels in terms of market capitalisation of listed companies and the benchmark index performance. India’s market capitalisation rose to ₹410.9 trillion as on March 31st, 2025. This translates into an annualised growth of 30% in the last five years from Fiscal 2020 to Fiscal 2025.

India’s stock market capitalisation to GDP has increased from 95.4% in 2020 to 125.3% in 2025. India’s market capitalisation (National Stock Exchange) ended 6.9% higher in FY25 (₹410.9 trillion) as compared to FY24 (₹384.2 trillion) on account of robust market returns particularly in mid and small cap companies.

On the other hand, the Indian mutual fund industry has experienced significant growth over the past six years, driven by a thriving domestic economy, substantial inflows, and increased participation from individual investors. The industry is witnessing a surge in growth, driven by the equity space, where assets have increased significantly over the past decade.

This shift is attributed to retail investors transitioning from traditional debt products to equity funds, resulting in a substantial rise in equity investments. Mutual fund AUM as a proportion of bank deposits in scheduled commercial banks has risen from 19.7% in March 2020 and is estimated to have grown to 30% as of March 2025 indicating increase in investor participation in mutual funds.

ICICI Prudential AMC Company Information

ICICI Prudential AMC is 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 September 30, 2025.

As of September 30, 2025, its total mutual fund QAAUM was ₹10,147.6 billion. As of September 30, 2025, it's the largest asset management company in terms of equity and equity oriented QAAUM with a market share of 13.6%. Its equity-oriented hybrid schemes also had the largest market share in India, as of September 30, 2025 and as of March 31, 2025, 2024 and 2023.

Strengths of ICICI Prudential AMC IPO

• Largest asset management company in India in terms of assets managed under active mutual fund schemes, equity and equity-oriented schemes and for domestic non-corporate discretionary portfolio management services
• Largest individual investor franchise in India in terms of mutual fund assets under management
• Diversified product portfolio across asset classes
• Pan-India, multi-channel and diversified distribution network
• Investment performance supported by comprehensive investment philosophy and risk management
• Consistent profitable growth
• Trusted brand and strong culture
• Experienced management and investment team

Risks of ICICI Prudential AMC IPO

• Adverse market or economic conditions may reduce its asset values and impact business
• Underperformance of investment products may reduce the company’s assets under management and impact financial performance
• Past performance may not reflect future results and growth prospects
• Competition from existing and new players may impact growth and profitability
• Dependence on promoter and group brand reputation may impact business
• Uncertainty in revenue due to terminable investment and advisory agreements
• Uncertainty around scalability and profitability of new product offerings
• Non-compliance with industry regulations may lead to regulatory action
• Any deficiency or interruption in services of third-party could adversely affect operations and reputation
• Online fraud and cyber-attacks may adversely impact business

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on December 11, 2025.

IPO Registrar and Book Running Lead Managers

KFin Technologies is the registrar of the ICICI Prudential AMC IPO. The book running lead managers of this IPO are:

• 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
  

ICICI Prudential AMC Business Model

ICICI Prudential AMC has a well-diversified product suite to enable it to cater to the varying needs and risk-return profiles of its customers and navigate changing economic conditions. As of March 31, 2025, it managed 135 mutual fund schemes, which is the largest number of schemes managed by an asset management company in India.

It has a diversified AUM with its five largest equity and equity oriented schemes accounted for 54 of its total equity and equity oriented QAAUM, as compared to the ten largest asset management companies whose five largest equity and equity-oriented schemes constitute 58.7% of their total equity and equity oriented QAAUM, on an average, as of March 31, 2025.

In addition to offering mutual funds, it also provides portfolio management services, manages AIFs and provides advisory services to offshore clients.

ICICI Prudential AMC Growth Trajectory

According to the CRISIL Report, ICICI Prudential AMC was the most profitable asset management company in India, in terms of operating profit before tax, with a market share of 20% for the financial year 2025.

Its AUM mix with a high share of equity has resulted in an operating revenue yield of 52 bps (on an annualised basis) and operating margin of 37 bps (on an annualised basis) for the six-months period ended September 30, 2025, and operating revenue yield of 52 bps and operating margin of 36 bps for the financial year 2025.

The company has been able to maintain its existing financial position because of its continued focus on customer centricity, product innovation and profitable growth.

ICICI Prudential AMC Market Position

ICICI Prudential AMC is one of the oldest asset management companies in India with a history of over 30 years in the asset management industry. It ranked as the second largest asset management company in India, in terms of QAAUM, with a market share of 13.2% as of September 30, 2025. It served a customer base of 15.5 million customers, as of September 30, 2025.

It managed the largest number of schemes in the mutual fund industry in India as of September 30, 2025, with 143 schemes comprising 44 equity and equity-oriented schemes, 20 debt schemes, 61 passive schemes, 15 domestic fund-of-funds schemes, one liquid scheme, one overnight scheme and one arbitrage scheme.

How to Apply for ICICI Prudential AMC IPO?

To apply for ICICI Prudential AMC IPO:

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.