ICICI Prudential AMC IPO gets final SEBI approval

ICICI Prudential Asset Management Company Ltd on Monday (December 1) has secured final approval from the Securities and Exchange Board of India (SEBI) for its initial public offering. The Mumbai-based fund house had filed its draft papers with the regulator on July 8, 2025.

The IPO is structured as an offer for sale (OFS) by its promoter, Prudential Corporation Holdings. As on the date of the red herring prospectus, the company’s issued, subscribed and paid-up share capital stood at 17,652,090 shares of ₹1 each. Post completion of the proposed bonus issuance, the equity share capital will rise from 176,520,900 equity shares of face value ₹1 to 494,258,520 equity shares of face value ₹1. Following this issuance, Prudential Corporation Holdings will offer up to 49,425,852 equity shares of face value ₹1 each.

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ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, has been operating since 1998. It is the largest asset management company in India based on active mutual fund quarterly average assets under management (QAAUM), with a market share of 13.3%  as of March 31, 2025, according to CRISIL. The company’s total mutual fund QAAUM stood at ₹8,79,410 crore as of the same date.

The fund house also had the highest market share in equity and equity-oriented schemes QAAUM at 13.4%  across asset management companies in India as of March 31, 2025. Its equity-oriented hybrid schemes ranked first in market share in 2025, 2024 and 2023. As of March 31,  2025, the company recorded a 25.3% market share in equity-oriented hybrid schemes QAAUM.

Its mutual fund monthly average AUM attributable to individual investors was ₹5,65,820 crore as of March 31, 2025, representing the largest share in the Indian mutual fund industry at 13.8%. Alongside its mutual fund business, ICICI Prudential AMC manages a growing alternatives platform comprising portfolio management services, alternative investment funds and offshore advisory mandates.

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For FY25, the company reported revenue from operations of ₹4,977.3 crore compared with ₹2,837.4 crore in FY23. Net profit during FY25 was ₹2,650.6 crore versus ₹1,515.8 crore in FY23.

ICICI Securities, 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, Goldman Sachs (India) Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Investment Advisors, Nuvama Wealth Management and UBS Securities India are the book-running lead managers; and KFin Technologies Limited is the registrar of the offer.