ICICI Prudential Asset seeks Initial Public Offering (IPO) at a $12 billion appraisal, announce insider sources.

ICICI Prudential Asset seeks Initial Public Offering (IPO) at a $12 billion appraisal, announce insider sources.

**ICICI Prudential Asset Management Company Files for $1.2 Billion IPO**

ICICI Prudential Asset Management Company (ICICI Prudential AMC) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) aimed at raising up to Rs 10,000 crore ($1.2 billion) [1][2]. The IPO is structured entirely as an offer for sale (OFS) by Prudential Corporation Holdings, meaning that ICICI Prudential AMC will not receive any capital infusion from this offering [1][2].

The IPO involves the sale of up to 1.76 crore equity shares, representing approximately 10% of the company's equity share capital [1][3]. The exact timeline for the IPO is not yet finalized and remains subject to market conditions and requisite approvals. Following the filing of the DRHP, the next steps would typically involve SEBI's review and approval, followed by the setting of a specific IPO date.

ICICI Prudential AMC holds a significant market share in India's asset management sector, with 13% of quarterly average assets under management as of March 2025 [2]. The company reported a revenue of ₹4,977.3 crore in FY25, with a profit of ₹2,650.66 crore for the year ended March 31, 2025 [2]. Total annual average assets under management at ICICI Prudential Asset Management Company increased to 9.01 trillion rupees ($105.08 billion) from 6.46 trillion rupees in the previous year.

The IPO will be India's second-largest mutual fund manager by assets going public. Morgan Stanley India, Axis Capital, BofA Securities India, Citigroup Global Markets India are among the book-running lead managers of the IPO offering [2]. However, the draft papers for the IPO did not specify if Prudential had finalized its decision to list its Indian joint venture, nor did they provide details on the expected impact of the IPO on the mutual fund industry or the economy.

Prudential mutual fund investors are seeking returns in equities, gold, and silver. The recovery in India's markets in May and June has boosted demand for IPOs, with companies expected to raise about $2.4 billion from such issues in July alone. Notably, Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential, has entered into an agreement with ICICI Bank to sell up to 2% of the asset manager's stake to ICICI Bank ahead of the IPO.

However, ICICI Prudential AMC did not respond to a Reuters request seeking comment. The exact date for the IPO has not been specified in the article.

[1] Mint, IPO: ICICI Prudential AMC files draft papers for Rs 10,000 crore IPO at a valuation of $12 billion, (2025, June 1)

[2] Business Standard, ICICI Prudential AMC files draft papers for Rs 10,000 crore IPO at a valuation of $12 billion, (2025, June 1)

[3] The Economic Times, ICICI Prudential AMC to sell up to 1.76 crore shares in IPO, (2025, June 1)

1. The IPO of ICICI Prudential Asset Management Company aims to raise up to $1.2 billion, and the proceeds are expected to be utilized in expanding the company's assets, which include investments in gold, silver, and equities.
2. The valuation of ICICI Prudential Asset Management Company, as per the draft papers for the IPO, is estimated to be around $12 billion, reflecting the high returns generated from the management of various assets.
3. With Prudential mutual fund investors seeking returns in diverse assets like equities, gold, and silver, the successful execution of the IPO is likely to sustain the positive momentum in India's capital markets.

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