ICICI Prudential AMC Set for 1.2 Billion Dollar IPO
ICICI Prudential Asset Management Company, the country’s second-largest asset manager, has received regulatory clearance for its long-awaited initial public offering. Multiple people aware of the process said the company aims to open the $1.2 billion issue in the second week of December. The filing for this IPO was completed in July.
India’s primary market is heading for another major listing. But how soon will investors see one of the country’s largest fund houses on the bourses?
What has Been Finalised for the December Launch?
The fund house is structured as a joint venture between ICICI Bank, which owns 51%, and British insurer Prudential, which holds the remaining stake. The public offer will be a pure offer for sale of up to 10% by Prudential’s subsidiary. Depending on final pricing, the indicative valuation of the AMC is around $12 billion, with some estimates placing the upper end near $12.5 billion.
One of the people familiar with the discussions said the company secured approval for its documents from the market regulator on Wednesday. After the remaining procedural steps, the plan is to list the shares in the third week of December. Both sources quoted on the matter requested anonymity because the approval has not yet been disclosed publicly.
Why is This IPO Significant for Markets and the ICICI Group?
The listing could become the fifth market debut from the broader ICICI group after earlier offerings from the bank, the life insurer, the general insurer and ICICI Securities. It also arrives in a year where India has emerged as the world’s third largest IPO market. Companies have raised more than around $16 billion so far in 2025, supported by strong earnings expectations and a stable macro backdrop.
ICICI Prudential AMC manages assets worth ₹10 trillion, or roughly $112 billion. Profit for the year ended March 2025 rose 29.3% to ₹26.6 billion, helped by fee and commission income. Ahead of the public issue, Prudential Corporation Holdings has already agreed to sell up to 2% of its stake to ICICI Bank as part of internal shareholding adjustments.
Market participants said the company has appointed a large syndicate of investment banks to manage the offer. Earlier reporting indicated as many as seventeen to eighteen banks were engaged, reflecting the scale of the transaction.
Prudential reiterated in an emailed response that it does not comment on speculation. ICICI Prudential AMC and ICICI Bank did not respond to queries.
With the regulatory nod now secured and the timetable firming up, the market is watching one key question: will strong demand for new listings continue as the year draws to a close?
Sources
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