ICICI Prudential AMC IPO Gets Final SEBI Green Light

ICICI Prudential AMC Ltd received final SEBI (Securities & Exchange Board of India) approval for its much-awaited IPO (Initial Public Offering) on December 1, 2025 (Monday). The Mumbai-based fund house, India's second-largest by AUM (Assets Under Management), had filed its draft papers with the regulator back on July 8, 2025.

About the Initial Public Offering (IPO)

The IPO comes entirely as an offer for sale (OFS) by promoter Prudential Corporation Holdings. As per the draft red herring prospectus, the company's subscribed and paid-up share capital currently stands at 17,652,090 equity shares of Rs 1 each. After a proposed bonus issuance, this will expand to 494,258,520 shares of Rs 1 face value. Prudential Corporation Holdings plans to offload up to 49,425,852 equity shares of face value Rs 1 each through this OFS.

A 51:49 joint venture between ICICI Bank and UK-based Prudential Corporation Holdings Limited, ICICI Prudential AMC has been in business since 1998. It is the largest AMC in India. It leads the industry with a 13.3% market share in active mutual funds quarterly average assets under management (QAAUM) as of March 31, 2025, per CRISIL data. The company's total mutual fund QAAUM reached Rs 8,79,410 crore as of the same date.

In equity and equity-oriented schemes, ICICI Prudential AMChas the highest market share of 13.4% QAAUM, across asset management companies in India as of March 31, 2025. Its equity-oriented hybrid schemes ranked first in market share with a 25.3% share in QAAUM for 2025, 2024 and 2023. Individual investor mutual fund monthly average AUM attributable to the company hit Rs 5,65,820 crore by March 31, 2025, the highest Indian mutual fund industry share at 13.8%. Beyond mutual funds, it runs a robust alternatives platform including portfolio management services, alternative investment funds and offshore advisory.

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Strong Financial Growth of AMC

The company's revenue from financial operations increased to Rs 4,977.3 crore in the financial year 2025, up from Rs 2,837.4 crore in 2023. Net profit rose to Rs 2,650.6 crore in FY25, up from Rs 1,515.8 crore two years prior (2023).

Lead Managers and Registrar of IPO

The IPO boasts an impressive syndicate of 18 book-running lead managers, which are 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 [finance: The Goldman Sachs Group, Inc.], Avendus Capital, BNP Paribas, HDFC Bank [finance: HDFC Bank Limited], JM Financial, Motilal Investment Advisors, Nuvama Wealth Management and UBS Securities India. KFin Technologies Limited serves as the registrar.

This approval positions ICICI Prudential AMC as the fourth listed asset manager after HDFC AMC, Nippon Life AMC and UTI AMC, paving the way for its public debut soon.

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