ICICI Prudential Asset Management Company has set a price band of Rs 2,061– Rs 2,165 per share for its Rs 10,600-crore initial public offering (IPO) that will open on Friday.
At the upper end of the band, the country’s largest asset manager will command a valuation of Rs 1.07 trillion.
The offering is entirely an offer for sale (OFS) by UK-based Prudential, which currently owns 49 per cent in the joint venture with ICICI Bank.
Through the issue, the global financial services major aims to offload 10 per cent stake.
ICICI Bank will continue to hold the remaining 51 per cent.
The stake sale could deliver a significant windfall for Prudential, whose acquisition cost for the 10 per cent stake was just about Rs 10 crore.
The asset manager clarified that ICICI Bank has no intention of reducing its holding in the company.
Ahead of the IPO, the private-sector lender will instead acquire an additional 3 per cent stake from Prudential.
Any subsequent stake sale required to meet minimum public shareholding norms will be undertaken solely by Prudential.
The share sale is set to be the fourth-largest IPO of 2025 and ranks among the biggest capital-market debuts by an Indian financial services company.
The IPO opens for subscription on Friday and closes on December 16, with the anchor book scheduled for Thursday.
The mega offering will also lift the calendar year 2025’s total IPO fundraising to about Rs 1.75 trillion, surpassing last year’s mainboard mobilisation of nearly Rs 1.6 trillion and setting a new record.
The buoyancy in capital-raising this year has been driven by several large floatations, including Tata Capital (Rs 15,500 crore), HDB Financial Services (Rs 12,500 crore), and LG Electronics India (Rs 11,607 crore).
ICICI Prudential AMC’s listing will mark the fifth public-market debut from the ICICI Group.
Past ICICI group listings include ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities, the last of which has since been delisted.
It will also be the fifth asset management company to list in India.
Other listed AMCs include HDFC AMC, Nippon Life India Asset Management, UTI AMC, and Aditya Birla Sun Life AMC.
HDFC AMC is currently valued at Rs 1.09 trillion.
AMCs typically operate on asset-light, high-margin models, enabling strong profitability metrics.
ICICI Prudential AMC reported an exceptional return on equity of 83 per cent in FY25, far outpacing most of its listed peers.
For the same year, it posted a net profit of Rs 2,650 crore on revenue of Rs 4,683 crore, while its assets under management (AUM) surged to Rs 9.1 trillion, up from Rs 6.5 trillion a year earlier.
The company has appointed a record 18 investment banks as book runners, including Citibank, ICICI Securities, Morgan Stanley, and Goldman Sachs.
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