The IPO, with a face value of Rs1, is entirely an offer-for-sale up to 17,652,090 equity shares by Prudential Corporation Holdings
FinTech BizNews Service
Mumbai, July 9, 2025: ICICI Prudential Asset Management Company Ltd has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).
The IPO, with a face value of Rs1, is entirely an offer-for-sale up to 17,652,090 equity shares
by Prudential Corporation Holdings Limited. The offer also includes a subscription reservation
by eligible ICICI Bank Shareholders in the ICICI Bank Shareholders reservation portion.
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 AMC is a joint venture between ICICI Bank and Prudential Corporation
Holdings Limited, operating since 1998. It is the largest asset management company in India
in terms of active mutual fund quarterly average assets under management (“QAAUM”) with
a market share of 13.3% as of March 31, 2025 (Source: CRISIL Report). As of March 31, 2025,
its total mutual fund QAAUM stood at Rs8,794.1 billion. In addition, it had the highest market
share of Equity and Equity Oriented Schemes QAAUM, of 13.4% across asset management
companies in India (Source: CRISIL Report). It also had the highest market share of Equity
Oriented Hybrid Schemes QAAUM, of 25.3% across the mutual fund industry (Source: CRISIL
Report).
As of March 31, 2025, its mutual fund monthly average asset under management (“MAAUM”)
attributable to individual investors (comprising retail investors and high-net-worth
individuals) (“Individual Investors”) was Rs5658.2 billion. In addition, to its mutual fund
business, it also has a growing alternates business comprising portfolio management services
(“PMS”), management of alternative investment funds (“AIFs”) and advisory services to
offshore clients (PMS, AIF and advisory, collectively “Alternates”).
It also had the largest domestic non-corporate client assets under management (“AUM”)
among discretionary PMS managers in India as of March 31, 2025, with a closing AUM of
Rs182.8 billion (Source: CRISIL Report). It is the most profitable asset management company
in India, in terms of operating profit before tax, with a market share of 21.2% for the Financial
Year 2024, according to a CRISIL Report mentioned in the DRHP.
It is one of the oldest asset management companies in India with history of over 30 years in
asset management industry, that manages the largest number of schemes in the mutual fund
industry in India 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 as of March 31, 2025.
It offers a suite of investment products and advisory services under its Alternates business
which caters to the preferences of Individual Investors and institutional investors (comprising
banks, insurance companies, corporates, and government entities, collectively, “Institutional
Investors”). It also provides investment advisory services as part of its offshore advisory
business and are currently advising Eastspring Investments (“Eastspring”), Prudential plc’s
(“Prudential”) asset management arm, on select equity and debt products which are
distributed across markets such as Japan, Taiwan, Hong Kong and Singapore.
As of March 31, 2025, it had a pan-India distribution network comprising 264 offices across
23 states and four union territories. As of March 31, 2025, its mutual fund distributors
(“MFDs”), consisted of 106,475 institutional and individual MFDs, 209 national distributors
and 64 banks (including ICICI Bank Limited).
ICICI Prudential AMC Limited's revenue from operations increased by 32.4% from Rs3,758.23
crore in Fiscal 2024 to Rs4,977.33 crore in Fiscal 2025, primarily due to an increase in fees and
commission income, which in turn increase in its total annual average assets under
management (“AAUM”). Profit after tax increased by 29.3% to Rs2,650.66 crore in the
Financial Year 2025, compared to Rs 2,049.73 crore in the Financial Year 2024.
Citigroup Global Markets India Private Limited, ICICI Securities Limited, Morgan Stanley India
Company Private Limited, Goldman Sachs (India) Securities Private Limited, BofA Securities
India Limited, Avendus Capital Private Limited, Axis Capital Limited, BNP Paribas, CLSA India
Private Limited, HDFC Bank Limited, IIFL Capital Services Limited, JM Financial Limited, Kotak
Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, Nomura
Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management
Limited, SBI Capital Markets Limited, and UBS Securities India Private Limited are the book-
running lead managers and KFin Technologies Limited is the registrar of the issue. The equity
shares are proposed to be listed on the National Stock Exchange of India Limited and BSE
Limited.
