ICICI Prudential AMC Plans Rs.10,000 Cr IPO; British Partner Prudential Seeks Exit

Mumbai, July 2, 2025 – ICICI Prudential Asset Management Company, India’s second-largest mutual fund by assets under management, is poised to file draft papers with SEBI for a highly anticipated IPO estimated at up to ₹10,000 crore. The offering will be a pure offer for sale (OFS) by British financial services giant Prudential Plc, which holds a 49% stake in the joint venture. The ICICI Bank-Prudential partnership, established in 1998, has stood as one of India’s most enduring JV success stories. According to sources familiar with the matter, the IPO filing could take place as early as this week, marking a significant step toward what would become the fifth listing under the ICICI Group umbrella.

Highlights

• ICICI Prudential AMC to file draft IPO papers shortly; size pegged up to ₹10,000 crore.

• Offering will be a 100% OFS by UK-based JV partner Prudential Plc.

• ICICI Bank to retain majority holding; IPO filing expected in early July.

• This will be the fifth listing from ICICI Group and fifth AMC IPO in India.

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Mutual Fund Sector Sees Momentum as AMC Readies Landmark Listing

Once listed, ICICI Prudential AMC will join the elite group of publicly traded Indian asset managers alongside HDFC AMC, Nippon India, UTI AMC, and Aditya Birla Sun Life AMC. As of March 31, 2025, the AMC managed an AUM of ₹9.14 lakh crore across more than 133 schemes and catered to over 1.1 crore investors. With a diversified portfolio spanning debt, equity, PMS, and global advisory mandates, the firm—led by MD & CEO Nimesh Shah and CIO Sankaran Naren—is well-positioned for sustained industry leadership. The proposed listing also coincides with a consolidation of private equity and real estate businesses under the AMC via internal restructuring approved in March.

Highlights

• AUM stands at ₹9.14 lakh crore with over 133 schemes and 1.1 crore+ investors.

• ICICI Bank recently approved buying 2% extra stake to maintain majority control.

• I-Ven’s PE, VC, and real estate businesses to be integrated into IPru AMC.

• Listing aligns with AMC sector momentum and growing investor appetite.

Prudential’s Partial Exit Aims to Unlock Value, Maintain India Presence

The IPO marks a calibrated exit strategy by Prudential Plc, which announced on February 12 that it was exploring a listing for its Indian AMC stake, subject to market conditions. The net proceeds, as per company statements, would be returned to shareholders. However, Prudential also emphasized that India remains a “strategically important” market and that it will continue to seek growth opportunities. Meanwhile, ICICI Bank reaffirmed its commitment to retaining majority ownership. Notably, the listing comes amid a surge in global interest in Indian capital markets, and Prudential’s move may unlock significant value, especially with market appetite leaning towards profitable, scale-driven financial services firms.

Highlights

• Prudential Plc to divest partial stake and return proceeds to shareholders.

• UK-based insurer maintains long-term strategic interest in India.

• ICICI Bank to retain control post-listing, reiterating JV commitment.

• IPO reflects global investor interest in high-AUM financial platforms.