ICICI Prudential Asset Management Company: ICICI Prudential AMC files DRHP with SEBI for Rs 10,000-crore IPO

Mumbai: ICICI Prudential Asset Management Company, India’s second-largest mutual fund manager by assets, filed its draft red herring prospectus (DRHP) with Sebi to raise funds through an IPO.

The firm is a joint venture between ICICI Bank and British insurer Prudential. In the IPO, Prudential will sell a 10% stake in the company, said ICICI Bank in an exchange filing.

The IPO will solely comprise an offer for sale of 1.76 crore shares by promoter Prudential. Bankers said the size of the IPO is likely to be around ₹10,000 crore.

“The company has filed a Draft Red Herring Prospectus (DRHP) dated July 8, 2025, with the Securities and Exchange Board of India, BSE Ltd and National Stock Exchange of India Ltd for an initial public offering (IPO) comprising of an offer for sale (OFS) of equity shares held by Prudential Corporation Holdings Ltd (PCHL) in the company, representing upto 10% of the equity share capital of the company,” said ICICI Bank’s exchange disclosure.

HDFC AMC is the top-listed asset management company with a market capitalisation of ₹1.09 lakh crore, followed by Nippon Life India AMC and Aditya Birla Sun Life AMC with a market value of ₹50,828 crore and ₹23,604 crore, respectively.

Before the IPO, ICICI Bank will purchase up to 2% of the asset management company’s fully diluted pre-IPO share capital, the disclosure said.ICICI Bank holds a 51% stake in the asset management company, while Prudential holds the remaining 49% stake. ICICI Prudential AMC’s net profit after tax rose 29.3% to ₹2,650 crore in FY 25 compared with the last fiscal year. The average AUM of ICICI Prudential Mutual Fund as on March 31 was ₹9,14,878 crore.