ICICI Prudential Asset Management Company Plans $12 Billion IPO

ICICI Prudential Asset Management Company (AMC) has officially received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). According to reports, the company aims for a valuation between $12 billion and $12.5 billion.

The IPO is expected to debut in the second week of December, marking a significant milestone for the firm, which is the second-largest asset management company in India based on assets under management (AUM).

As of the end of October 2025, ICICI Prudential AMC has an AUM exceeding ₹10.64 trillion, supported by a robust investor base of over 15.7 million individuals. The offering will consist entirely of shares sold by Prudential Plc, based in the United Kingdom.

The draft red herring prospectus submitted to SEBI in July indicated plans for Prudential to divest approximately 17.65 million shares, which equates to a 10% stake in the company. Currently, ICICI Bank holds a 51% share in the joint venture, while Prudential owns the remaining portion.

Should this IPO proceed as planned, ICICI Prudential AMC would become the fifth entity from the ICICI Group to be listed on the Indian stock exchanges, following ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, and ICICI Securities.

Earlier in February, Prudential had signalled its intention to float its Indian operations on the stock market. On July 9, ICICI Bank also announced its plans to buy up to 2% of the company’s share capital before the IPO is completed.

The upcoming IPO is being facilitated by ICICI Securities and Citigroup, alongside a syndicate of 16 other financial institutions, making it one of the largest IPO syndicates in India to date, as reported by Bloomberg.

Market analysts are watching closely as the IPO landscape in India evolves, with expectations of a busy pipeline for 2026, which may include additional significant offerings from other companies in various sectors.

In the words of a financial analyst, "This is a noteworthy development not only for ICICI Prudential AMC but also for the broader Indian capital markets, as it reflects growing investor confidence in the asset management sector."

In conclusion, the approval from SEBI and the anticipation surrounding the IPO are poised to enhance ICICI Prudential’s visibility and support its growth ambitions in the rapidly expanding Indian financial services market.