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ICIC Prudential AMC begins investor roadshows for ₹10,000-crore IPO
The ICICI Prudential IPO involves the sale of 10% stake held by Prudential Plc and could raise as much as ₹10,000 crore at a valuation of ₹1 lakh crore.
ICICI Prudential Asset Management Co., India’s second-largest mutual fund, has begun investor roadshows ahead of its planned initial public offering, according to people familiar with the matter.
Backed by the UK’s Prudential Plc and India’s ICICI Bank Ltd., the Mumbai-based company is targeting a late October launch for its IPO, the people said, asking not to be identified as the information is private.
The ICICI Prudential IPO involves the sale of 1.765 crore shares—or 10% stake held by Prudential—and could raise as much as ₹10,000 crore (about $1.1 billion), the people said. That would value the money manager at about ₹1 lakh crore.
Deliberations are ongoing and details, including timing and the IPO size could still change, the people said. Prudential declined to comment for this story, while ICICI Bank and ICICI Prudential AMC did not immediately respond to requests for comment.
The company filed its draft red herring prospectus with the Securities and Exchange Board of India on 8 July and is awaiting its approval. It has appointed a record 18 lead managers for the offering, according to the preliminary documents.
ICICI Bank, which owns 51% of the joint venture, will not sell shares. Prudential owns the remaining 49%.
As of June, ICICI Prudential AMC oversaw ₹9.44 lakh crore in assets under management, according to data from the Association of Mutual Funds in India. For the year ended 31 March 2025, the firm reported revenue of ₹4,977 crore and profit of ₹2,650 crore, according to the IPO document.
