ICICI Prudential Asset Management Company (AMC) is preparing to launch its initial public offering (IPO) next week, targeting a fundraise of approximately ₹107 billion ($1.2 billion), according to Bloomberg. The move follows the filing of an updated draft offer document earlier this week.
Valuation and Stake Sale
The IPO is expected to value ICICI Prudential AMC at around $12 billion. UK-based Prudential plans to divest roughly 10% of its stake in the asset manager.
Currently, ICICI Bank holds 51% of the joint venture, with Prudential owning 49%. Final details, including the price band, will be announced before the subscription window opens.
Regulatory Approval and Offer Structure
The Securities and Exchange Board of India (SEBI) recently cleared the long-pending prospectus, enabling the IPO to proceed. The updated filing outlines the offer structure and shareholding pattern, although some aspects may be adjusted as internal discussions progress.
Broader IPO Context
If launched on schedule, this will be the fifth Indian IPO in 2025 expected to raise more than $1 billion. So far this year, Indian companies have raised around $19.6 billion through public offerings, compared to nearly $21 billion in 2024, highlighting sustained investor appetite for equity listings.
Banking Syndicate
The IPO is being managed by a syndicate of 18 banks, the largest ever appointed for an Indian IPO. Leading participants include Citigroup Inc. and ICICI Securities Ltd. The public subscription is expected to open next week after the pricing announcement.
Summary
ICICI Prudential AMC plans to launch a $1.2 billion IPO next week, with Prudential selling 10% of its stake. The IPO, approved by SEBI, will be managed by a record 18-bank syndicate and is part of India’s ongoing robust IPO market, which has already raised nearly $20 billion in 2025.
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