ICICI Prudential AMC files IPO papers, Prudential Corp to sell 10% stake
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ICICI Prudential AMC IPO: ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on July 8 to raise funds through an initial public offering (IPO).
The public offer comprises an offer for sale (OFS) of 17.6 million equity shares or 10 per cent of the equity held by the foreign partner, Prudential Corporation Holdings. There is no fresh issue component. The company will not receive any money from the offer, as the proceeds will go to the selling shareholder.
According to the DRHP, Kfin Technologies is the registrar of the issue. The issue has a total of 18 bookrunning lead managers, including Citigroup Global Markets India, Morgan Stanley India, BofA Securities, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital, Nomura Financial Advisory and Securities (India), SBI Capital Markets, ICICI Securities, Goldman Sachs (India) Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management and UBS Securities India.
On Wednesday, July 9, ICICI Bank said that it will acquire an additional 2 per cent stake in ICICI Prudential AMC.
Currently, ICICI Bank holds 51 per cent stake in ICICI Prudential AMC, and Prudential Corporation Holdings (PHCL) holds 49 per cent stake. The companies have been operating as a joint venture since 1998.
According to the DRHP, 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 per cent as of March 31, 2025. The company serves a customer base of 14.6 million customers as of March 31, 2025.
ICICI Prudential AMC offers a range of investment products across multiple financial asset classes. 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.
As of March 31, 2025, the company had total assets of ₹4,384 crore. In fiscal 2024-25 (FY25), its annual turnover stood at ₹4,980 crore and profit after tax (PAT) at ₹26.51 crore.
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