ICICI Prudential Asset Management Co IPO

About ICICI Prudential AMC IPO

The IPO of ICICI Prudential Asset Management Company (AMC) Ltd) 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 17,652,090 equity shares. The price band is [TBA] and the lot size is [TBA].

The IPO opens on [TBA] and closes on [TBA]. The listing date is on [TBA] and the allotment date is on [TBA]. The credit of shares to the Demat account will take place on [TBA], while the initiation of refund will take place on [TBA].

ICICI Prudential AMC Ltd 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 March 31, 2025. As of March 31, 2025, its total mutual fund QAAUM was ₹8794.1 billion. As of March 31, 2025, it had the highest market share of Equity and Equity Oriented Schemes QAAUM, of 13.4% across asset management companies in India.

Objectives of ICICI Prudential AMC IPO

ICICI Prudential AMC Ltd 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.

Company Information

ICICI Prudential AMC Ltd 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 March 31, 2025. As of March 31, 2025, its total mutual fund QAAUM was ₹8794.1 billion. As of March 31, 2025, it had the highest market share of equity and equity-oriented schemes QAAUM, of 13.4% across asset management companies in India.

Its equity-oriented hybrid schemes also had the largest market share in India, as of March 31, 2025, 2024 and 2023. As of March 31, 2025, it had the highest market share of equity-oriented hybrid schemes QAAUM, of 25.3% across the mutual fund industry.

As of March 31, 2025, its mutual fund monthly average asset under management (“MAAUM”) attributable to individual investors (comprising retail investors and high-net-worth individuals) (“Individual Investors”) was ₹5658.2 billion.

Strengths of ICICI Prudential AMC Ltd

• 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 Ltd

• Adverse market or economic conditions may reduce its asset values and impact business
  
• Underperformance of investment products may reduce our 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
  

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

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

• Citigroup Global Markets India Private Limited
  
• Morgan Stanley India Company Private Limited
  
• BofA Securities India Limited
  
• Axis Capital Limited
  
• CLSA India Private Limited
  
• IIFL Capital Services Limited
  
• Kotak Mahindra Capital Company Limited
  
• Nomura Financial Advisory and Securities (India) Private Limited
  
• SBI Capital Markets Limited
  

ICICI Prudential Asset Management Co Business Model

ICICI Prudential AMC Ltd 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 Asset Management Co Growth Trajectory

ICICI Prudential AMC Ltd was the most profitable asset management company in India, in terms of operating profit before tax, with a market share of 21.2% for the Financial Year 2024. Further, our total AAUM, operating revenue and profit after tax grew at a CAGR of 32.7%, 32.0% and 32.2%, over financial years 2023 and 2025, respectively.

Its AUM mix with a high share of equity has resulted in its operating revenue yield of 52 bps and operating margin of 36 bps for Financial Year 2025. Its business model is capital efficient as evidenced from its return on equity of 82.8% for financial year 2025.

It has been able to maintain its existing financial position because of its continued focus on customer centricity, product innovation and profitable growth. Its financial position in the industry provides it with sustainable resources to continue to invest and fund its future growth.

ICICI Prudential Asset Management Co Market Position

ICICI Prudential AMC Ltd is one of the oldest asset management companies in India with a history of over 30 years in the asset management industry. Its investment approach has always been to manage risk first and aim for long term returns for its customers whilst ensuring that its brand continues to remain trusted. It ranked as the second largest asset management company in India, in terms of QAAUM, with a market share of 13% as of March 31, 2025. It manages the largest number of schemes in the mutual fund industry in India as of March 31, 2025, with 135 schemes comprising 42 Equity and Equity Oriented Schemes, 20 debt schemes, 56 passive schemes, 14 fund-of-fund domestic schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme

How to Check Allotment Status of ICICI Prudential AMC Ltd IPO?

1. Visit the Registrar’s Website

• Visit the official website of KFin Technologies Ltd
• Click on ‘IPO Allotment Status’ from ‘Investors’ under ‘Products’
• Click on any one of the appearing links
• Choose IPO name and enter either your application number, Demat account or PAN number
• Enter captcha and click on ‘Submit’ to know the status

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
  
• Select the Issue Name from dropdown
  
• Put in either your application number or PAN number
  
• Check the box ‘I’m not a robot’
  
• Click on ‘Search’ to know allotment status
  

3. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO bid verification module. You can use it to check the status of ICICI Prudential AMC Ltd IPO. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click 'Submit' to know the allotment status.

How to Apply for ICICI Prudential AMC Ltd IPO?

To apply for ICICI Prudential AMC Ltd IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.