ICICI Prudential AMC IPO: Fund house plans mega Rs 10,000 crore offering; files Draft Red Herring Prospectus
Mumbai: ICICI Prudential Asset Management Company Ltd has filed its Draft Red Herring Prospectus with markets regulator SEBI for a Rs 10,000 crore IPO. The shares on offer constitute 10% of the total equity of the fund house.
A joint venture between ICICI Bank and Prudential Corporation Holdings Limited, the fund house has been operating since 1998. It is the second largest asset management company in India after SBI Mutual Fund and has a 13.3% share in the assets managed by the industry.
In addition to its mutual fund business, it also has a growing alternates business comprising portfolio management services, management of alternative investment funds and advisory services to offshore clients.
The offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
ICICI Prudential Mutual Fund will be the fourth asset management company to go public. HDFC Mutual Fund, SBI Mutual Fund, Nippon Life Mutual Fund and Aditya Birla Sun Life Mutual Fund are already listed on Indian stock markets.
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Asset management companies have done well in recent years, riding on the multi-year bull run in the stock markets and the phenomenal surge in investor interest.
ICICI Prudential AMC Limited's revenue from operations increased 32.4% from Rs 3,758 crore in 2023-24 to Rs 4,977 crore in 2024-25. Profit after tax increased 29.3% to Rs 2,651 crore in the financial year 2024-25, compared to Rs 2,050 crore in the previous year.
ICICI Prudential is a trusted name in the financial space and its parent company ICICI Bank gives it a strong brand reputation. However, its IPO might face strong competition from already-listed giants like HDFC Mutual Fund and SBI Mutual Fund, which have established market positions and investor trust.
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