ICICI Prudential Asset Management Files for $1.2 Billion India IPO

ICICI Prudential Asset Management has filed for a $1.2 billion IPO, potentially the second-largest in India this year. The company manages assets worth 9.44 trillion rupees, second only to SBI Mutual Fund. ICICI Securities and Citigroup are leading the IPO, which is expected to value the asset manager at $12 billion. Indian IPOs are rebounding after a lull, with HDB Financial Services' IPO seeing double-digit gains.

ICICI Prudential Asset Management Company Limited (IPAMC) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), BSE Limited, and National Stock Exchange of India Limited (NSE) for an Initial Public Offering (IPO) [1]. The IPO aims to raise up to 100 billion rupees ($1.2 billion), valuing the asset manager at around $12 billion [2]. This move follows a period of lull in Indian IPOs, with recent offerings like HDB Financial Services' IPO seeing double-digit gains [2].

The DRHP was filed on July 8, 2025, and is available on the BSE and NSE websites. The IPO, comprising an offer for sale of up to 10% of IPAMC's equity share capital, is subject to market conditions, requisite approvals, and other considerations. Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential plc, is set to divest up to 2% of its equity share capital in IPAMC to ICICI Bank Limited prior to the IPO, subject to finalization of relevant terms and approvals [1].

ICICI Securities and Citigroup Inc. are leading the IPO, with 15 additional banks including HSBC Holdings Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley joining the syndicate [2]. IPAMC manages assets worth 9.44 trillion rupees as of June 30, 2025, making it the second-largest mutual fund manager in India after SBI Mutual Fund [2].

The IPO is expected to be a significant event in India's financial markets, with the potential to bring more liquidity and investment opportunities to the country's asset management sector.

References:
[1] Prudential plc. (2025). News releases. Retrieved from https://www.prudentialplc.com/en/news-and-insights/all-news/news-releases/2025/08-07-2025
[2] Bloomberg. (2025, July 9). ICICI Prudential Asset files for $1.2 billion India IPO. Retrieved from https://www.bloomberg.com/news/articles/2025-07-09/icici-prudential-asset-files-for-1-2-billion-india-ipo