ICICI Prudential AMC Kicks off Mega IPO Plan: Here's Everything We Know So Far

ICICI Prudential Asset Management Company, a joint venture between Indian private lender ICICI Bank and Britain’s Prudential Plc, has reportedly begun the process to debut on the stock market. The plan, first revealed by Prudential Plc in February, is starting to take shape in what could be one of India’s mega IPOs.

According to a report by Moneycontrol, ICICI Prudential AMC plans to file the draft papers by June-end or early July, with an offer size of around ₹10,000 crore. However, this may change later depending on the extent of shares diluted in the offer for sale and valuations. The IPO is likely to hit the bourses by the third quarter of the ongoing financial year

Interestingly, the mutual fund has engaged up to 17 investment banks to assist with the public offering—an all-time record for an IPO syndicate in India. The big syndicate includes ICICI Securities and Citi, which were taken on board earlier in the year, as well as Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital, BofA Securities, IIFL Capital, Nomura Securities, JM Financial, Motilal Oswal, Avendus Capital, Nuvama, BNP Paribas, CLSA Securities, and SBI Capital.

This surpasses the previous record set by Bharti Infratel in 2012, which engaged 13 investment banks for its IPO. Additionally, the ICICI Bank-led mutual fund has law firms Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, and Sidley as legal advisors for the offer.

Earlier, Bloomberg reported that Prudential Plc is targeting a valuation of about $12 billion for ICICI Prudential Asset Management Company.ipo

All About ICICI AMC

ICICI Asset Management Company (AMC) is a 51:49 joint venture between ICICI Bank and the UK-based Prudential Plc, established in 1998. Prudential Plc serves more than 18 million customers across 24 markets in Asia and Africa, offering life and health insurance as well as asset management services

The mutual fund is led by Managing Director and CEO Nimesh Shah, along with Executive Director and Chief Investment Officer Sankaran Naren. As of March 31, 2025, ICICI Prudential Mutual Fund managed assets worth ₹9,14,878 crore.

ICICI AMC also offers portfolio management services nationwide and provides international advisory services for clients in various asset classes, including debt, equity, and real estate.

Apart from ICICI Bank, other listed entities in the ICICI Group include ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, and ICICI Securities.

What Prudential Plc Said in February

On February 12, Prudential Plc announced that it was considering a possible listing of ICICI Prudential Asset Management Company Limited, which would involve a partial sale of its stake.

“It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. We will provide a further update at an appropriate time. India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market,” the statement added.

ICICI Bank responded to Prudential’s statement on the same day, confirming its intention to maintain a majority stake in ICICI Prudential Asset Management Company and reiterating its long-term commitment to the business.

In March, ICICI Bank received notifications from ICICI Prudential Asset Management Company and ICICI Venture Funds Management Company Limited that their respective boards had given in-principle approval for the transfer of I-Ven’s private equity, venture capital, and real estate fund management business to IPru AMC.

Following this transaction, I-Ven will continue to provide certain advisory services and manage some remaining funds. The integration will allow IPru AMC to offer a comprehensive suite of investment asset classes, including private equity.