ICICI Prudential AMC Secures SEBI Approval for IPO

The Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC), which is the second-largest asset manager in India based on assets under management. Targeting a valuation of $12 billion to $12.5 billion, the IPO is fully organized as an Offer for Sale (OFS) and is scheduled to begin in the second week of December 2025. Listing may occur by December 19.

IPO Structure and Stake Sale

With a 49% interest, Prudential Corporation Holdings intends to sell off over 10% of ICICI Prudential AMC through the OFS, resulting in an issue size of between $1.2 billion and $1.25 billion. Prior to the IPO, Prudential will sell ICICI Bank, which presently holds 51% of the company and plans to keep majority control after listing, a direct 2% interest.

After working with eighteen merchant bankers, the company filed its Draft Red Herring Prospectus (DRHP) with SEBI in July 2025, making it one of the biggest IPO syndicates in India.

Financial Highlights

About 10 trillion rupees ($112 billion) worth of assets are managed by ICICI Prudential AMC. Profits for the fiscal year that ended in March 2025 increased by about 29% to 26.6 billion rupees ($298 million), driven by fee and commission income from its expanding portfolio.

Market Context

Strong listings from ICICI Group companies including ICICI Lombard General Insurance and ICICI Prudential Life Insurance preceded this IPO. With nearly $16 billion raised through initial public offerings (IPOs) in 2025 because to the transfer of savings from deposits to mutual funds, it highlights India's thriving primary market.