ICICI Prudential AMC is set to go public in what could be one of the biggest IPOs in India’s financial services space. Some industry reports confirm that the 26-year-old asset management joint venture between ICICI Bank and UK-based Prudential Plc is in talks with a record 17 banks to manage the issue.
This will be a pure Offer for Sale (OFS) by Prudential Plc which owns 49% in the company while ICICI Bank with 51% stake has said it will retain its controlling stake and reiterated its long term commitment to the AMC business.
ICICI Prudential AMC IPO: Draft Papers by June-End or Early July
ICICI Pru AMC plans to file the Draft Red Herring Prospectus (DRHP) with SEBI by end of June or early July 2025. The issue size is estimated to be around INR 10,000 crore though this could change based on market conditions, investor demand and the final dilution percentage.
The offer is likely to hit the market in Q3 of FY26.
In terms of numbers, this is already a record in Indian capital markets. With 17 banks on board, it beats Bharti Infratel’s 2012 record of 13 bankers.
Banking and Legal Powerhouses on Board
The investment banking syndicate comprises:
- ICICI Securities
- Citi
- Goldman Sachs
- Morgan Stanley
- Kotak Mahindra Capital
- BofA Securities
- IIFL Capital
- Nomura Securities
- JM Financial
- Motilal Oswal
- Avendus Capital
- Nuvama
- BNP Paribas
- CLSA Securities
- SBI Capital
- (Two names remain undisclosed as of this writing)
For legal oversight, heavyweight firms Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, and Sidley have been retained to steer the offer through regulatory complexities.
Valuation Buzz and Global Intent
In March 2025, Bloomberg reported that Prudential Plc is looking to valued ICICI Pru AMC at around USD 12 billion (~INR 1.02 lakh crore). This is in line with the valuation multiples seen in the growing asset management industry in India, as listed peers like HDFC AMC, Nippon Life AMC and UTI AMC have seen 13–20% jump in their share prices in the last month alone.
Notably, Prudential’s February statement mentioned its focus on India. It said, “India is a strategically important market with strong growth prospects. Post divestment, the net proceeds will be returned to shareholders.”
AUM and Market Position
As of 31 March 2025, ICICI Pru AMC has AUM of INR 9.14 lakh crore, making it India’s second largest AMC after SBI Mutual Fund. It has over 1.1 crore investors across 133+ schemes and operates in both retail mutual fund space and high net worth segment through portfolio management and international advisory mandates in equity, debt and real estate.
The AMC is led by MD & CEO Nimesh Shah and CIO Sankaran Naren, two industry veterans who have steered the fund house through multiple market cycles.
Strategic Rejig
In a precursor to the ICICI Mutual Funds IPO, ICICI Bank announced in March that ICICI Pru AMC will absorb the private equity, venture capital and real estate fund management business of ICICI Venture Funds (I-Ven). Post transfer, I-Ven will continue to have certain advisory mandates. This consolidation will enable IPru AMC to offer an integrated suite of investment products and expand its reach to both retail and institutional investors.
Peers and Market Capitalizations
As of early June 2025:
| AMC | AUM (INR Cr) | Market Cap (INR Cr) |
|---|---|---|
| HDFC AMC | 7,54,500 | 1,09,677 |
| Nippon Life AMC | 6,54,000 | 47,992 |
| Aditya Birla Sun Life AMC | 4,05,600 | 22,615 |
| UTI AMC | 21,05,000 | 16,156 |
In this context, ICICI Pru AMC, with ₹9.14 lakh crore in AUM, is expected to debut with a premium valuation, offering investors a solid proxy to India’s growing financialization and mutual fund penetration.
Final Words
ICICI Pru AMC IPO is not just a run of the mill capital markets event—it’s a vote of confidence in India’s long term savings and investment story. With SIP flows at all time high, equity participation growing in Tier 2 and 3 cities and mutual funds going mainstream, the timing of ICICI Pru AMC IPO couldn’t be better.
For investors, the offer provides a play on a market leader with deep retail presence, strong brand recall and growing diversification across asset classes.
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