Latest news with #ICICIPrudentialAssetManagementCompany
Time of India
5 days ago
- Business
- Time of India
How much money did ICICI Prudential's star fund manager Sankaran Naren make in FY25?
ICICI Prudential Asset Management Company's Draft Red Herring Prospectus ( DRHP ) for its IPO reveals that veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which includes salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous fiscals. According to the DRHP, the star fund manager is entitled to receive a basic salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore. Also Read | Mutual fund SIP stoppage ratio hits 78% in June; monthly contribution crosses Rs 27,000 crore mark Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » The document further states that S. Naren is also eligible for Bank ESOPs, which would be granted in accordance with the norms applicable to group executives, subject to the approval of the board of ICICI Bank Limited . As of the date of this Draft Red Herring Prospectus, a contingent or deferred compensation of Rs 1.37 crore has been accrued for fiscal 2025 but will be payable at a later date. Live Events Sankaran Naren is the Executive Director and Chief Investment Officer at ICICI Prudential AMC . Pursuant to resolutions passed by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively, Naren was reappointed to the role for a period of two years, effective from July 1, 2024. He has over 28 years of experience in the financial services industry, including investment banking, fund management, equity research, and stockbroking operations. He is currently a member of the Committee on Equity Matters at the Association of Mutual Funds in India (AMFI). Naren has previously been associated with Refco-Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, and Yoha Securities Limited. He received the 'India CIO of the Year' award at the Asia Asset Management – 2023 Best of the Best Awards. Also Read | Parag Parikh Flexi Cap Fund increases stake in ITC, Coal India, and 10 other stocks in June ICICI Prudential AMC IPO filing ICICI Prudential Asset Management Company, India's second-largest asset manager by assets under management, submitted its draft IPO documents to the Securities and Exchange Board of India ( Sebi ) on July 8, aiming to launch a public offering. The proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the issue. If successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram AMC. The IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India.
Economic Times
5 days ago
- Business
- Economic Times
How much money did ICICI Prudential's star fund manager Sankaran Naren make in FY25?
Synopsis ICICI Prudential AMC, India's second-largest asset manager, has filed draft IPO papers with SEBI for an offer-for-sale of 1.76 crore shares by UK-based Prudential Corporation Holdings. With no fresh issue, proceeds will go to the selling shareholder. If cleared, it will become the fifth ICICI Group firm to list and the sixth asset management company to go public. ICICI Prudential AMC's DRHP reveals S. Naren's FY25 compensation of Rs 5.89 crore, including salary, bonus, and deferred bonuses. ICICI Prudential Asset Management Company's Draft Red Herring Prospectus (DRHP) for its IPO reveals that veteran fund manager S. Naren earned Rs 5.89 crore in FY25, which includes salary/remuneration, bonus, perquisites, and deferred bonuses accrued in previous to the DRHP, the star fund manager is entitled to receive a basic salary of Rs 1.41 crore, a fixed salary of Rs 3.54 crore, and a target bonus of Rs 2.83 crore. Also Read | Mutual fund SIP stoppage ratio hits 78% in June; monthly contribution crosses Rs 27,000 crore mark The document further states that S. Naren is also eligible for Bank ESOPs, which would be granted in accordance with the norms applicable to group executives, subject to the approval of the board of ICICI Bank of the date of this Draft Red Herring Prospectus, a contingent or deferred compensation of Rs 1.37 crore has been accrued for fiscal 2025 but will be payable at a later date. Sankaran Naren is the Executive Director and Chief Investment Officer at ICICI Prudential AMC. Pursuant to resolutions passed by the Board and Shareholders on October 17, 2023, and December 13, 2023, respectively, Naren was reappointed to the role for a period of two years, effective from July 1, 2024. He has over 28 years of experience in the financial services industry, including investment banking, fund management, equity research, and stockbroking operations. He is currently a member of the Committee on Equity Matters at the Association of Mutual Funds in India (AMFI). Naren has previously been associated with Refco-Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited, and Yoha Securities Limited. He received the 'India CIO of the Year' award at the Asia Asset Management – 2023 Best of the Best Awards. Also Read | Parag Parikh Flexi Cap Fund increases stake in ITC, Coal India, and 10 other stocks in June ICICI Prudential Asset Management Company, India's second-largest asset manager by assets under management, submitted its draft IPO documents to the Securities and Exchange Board of India (Sebi) on July 8, aiming to launch a public proposed IPO is structured entirely as an offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, the UK-based joint venture partner. As there is no fresh issue involved, all proceeds from the offering will go directly to the selling shareholder, with ICICI Prudential AMC receiving no capital infusion from the successful, the IPO will make ICICI Prudential AMC the fifth company from the ICICI Group to be publicly listed, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities. It will also become the fifth asset management firm to go public, following HDFC AMC, UTI AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC, and Shriram IPO is being managed by an unprecedented 18 merchant bankers — the highest ever for an Indian IPO. These include global and domestic firms such as Citigroup, Morgan Stanley, BofA Securities, Axis Capital, CLSA, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital, ICICI Securities, Goldman Sachs, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India.
Indian Express
6 days ago
- Business
- Indian Express
ICICI Prudential AMC files papers for Rs 10,000 crore IPO
ICICI Prudential Asset Management Company, India's second-largest asset manager, has filed draft papers with SEBI for an initial public offering (IPO) estimated at Rs 10,000 crore. The entire IPO will be an offer for sale (OFS) of up to 1.76 crore shares by its foreign joint venture partner, Prudential Corporation Holdings, which is based in the UK. Since the IPO is entirely an OFS, the proceeds will go to Prudential and not to the company itself. The shares will be offered at a face value of Rs 1 each, and the IPO will include a reservation for eligible ICICI Bank shareholders under a special quota. The offering is structured through the book-building process, with up to 50 per cent of the issue reserved for qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs), and at least 35 per cent earmarked for retail investors, aligning with SEBI's allocation norms. The company's total mutual fund quarterly average assets under management (QAAUM) stood at Rs 8.79 lakh crore as of March 2025. Within this, it held the highest market share of 13.4 per cent in equity and equity-oriented schemes among Indian asset management companies, reflecting its dominant position in the equity segment. As of March 31, 2025, ICICI Prudential AMC managed average monthly mutual fund assets of Rs 5.66 lakh crore for individual investors, which includes both retail and high-net-worth individuals. In addition to its core mutual fund business, the company has a growing business in the alternatives space, offering portfolio management services, alternative investment fund (AIF) management, and offshore advisory services. ICICI Prudential AMC is one of the oldest players in the Indian asset management industry, with over three decades of experience. As of March 31, 2025, it managed the highest number of schemes in the mutual fund space—135 in total—comprising 42 equity and equity-oriented schemes, 20 debt schemes, 56 passive schemes, 14 domestic fund-of-fund schemes, and one each in the liquid, overnight, and arbitrage categories. On the financial front, the company reported strong growth in FY25. Revenue from operations jumped 32.4 per cent year-on-year, rising from Rs 3,758 crore in FY 2024 to Rs 4,977 crore in FY25, mainly driven by higher fee and commission income. Its profit after tax (PAT) also grew by 29.3 per cent, reaching Rs 2,651 crore in FY25 compared to Rs 2,050 crore in the previous fiscal year. With this IPO, ICICI Prudential AMC is set to join the growing list of publicly traded asset management companies in India, as it looks to further strengthen its market leadership and expand its footprint in both traditional and alternative investment spaces.
Business Recorder
6 days ago
- Business
- Business Recorder
India's ICICI Prudential Asset files for IPO at $12 billion valuation, sources say
ICICI Prudential Asset Management Company has filed for a $1.2 billion IPO at a valuation of $12 billion, two sources said on Wednesday, as India's second-largest mutual fund manager by assets joins a slew of firms looking to go public. The asset manager is a joint venture between India's second-largest private lender, ICICI Bank, which holds a 51% stake, and British insurer Prudential, which owns the remaining 49%. The IPO will consist of an offer for sale of up to 10% of ICICI Prudential Asset Management Company's equity share capital by Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential. A recovery in India's markets in May and June has boosted demand for IPOs, with companies expected to raise about $2.4 billion from such issues in July alone. Separately, Prudential said PCHL has entered into an agreement with ICICI Bank to sell up to 2% of the asset manager's stake to ICICI ahead of the IPO. India mutual fund investors chase equities, gold and silver in quest for returns In February, Prudential had said it was considering listing its Indian joint venture. ICICI Prudential Asset Management Company's profit for the year ended March 31, 2025 was up 29.3% as income from fees and commission rose 38.7%. The increase in fees and commissions was primarily due to a rise in total annual average assets under management to 9.01 trillion rupees ($105.08 billion) from 6.46 trillion rupees in the previous year, according to the draft papers. ICICI Prudential AMC did not respond to a Reuters request seeking comment. Morgan Stanley India, Axis Capital, BofA Securities India, Citigroup Global Markets India are among the book-running lead managers of the offering.
Mint
7 days ago
- Business
- Mint
Upcoming IPO: ICICI Prudential AMC files DRHP for public issue, likely to raise ₹10,000 crore
ICICI Prudential AMC IPO: ICICI Prudential Asset Management Company (AMC) has filed its draft papers with the market regulator – the Securities and Exchange Board of India (SEBI) – to float an initial public offering (IPO). ICICI Prudential AMC IPO will be an offer for sale (OFS) of up to 17.7 million shares, representing nearly 10% of the paid-up capital of the company. Prudential Corporation Holdings Limited (PCHL), a subsidiary of British insurer Prudential Plc, is the only promoter selling shareholder. According to Bloomberg News, the offering could raise as much as ₹ 10,000 crore ($1.2 billion), making it the second-highest public issue of 2025, and valuing the asset manager at around $12 billion. The largest offer this year was by HDFC Bank subsidiary HDB Financial, which debuted on the Indian stock market last week, in signs of a sharp rebound in the IPO market. ICICI Prudential Asset Management Company, India's second-largest mutual fund manager by assets, is a joint venture between ICICI Bank (holding a 51% stake) and the UK-based Prudential Plc (holding a 49% stake). In February, Prudential had said it was considering listing its Indian joint venture on the bourses. Separately, ICICI Bank earlier today, July 9, informed exchanges that it has entered into an inter-se agreement with PCHL stating its intention to purchase up to 2% of the fully diluted pre-IPO share capital of the company from PCHL, prior to the consummation of the IPO. As of March 31, 2025, ICICI Prudential AMC's total mutual fund quarterly average assets under management (QAAUM) was ₹ 8,794.1 billion, with a customer base of 14.6 million. According to a Crisil report, the AMC manages the largest number of schemes in the mutual fund industry in India as of March 31, 2025, with 135 schemes comprising 42 Equity and Equity Oriented Schemes, 20 debt schemes, 56 passive schemes, 14 fund-of-fund domestic schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme. Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India are among the book-running lead managers of the offering.
