ICICI Prudential AMC files draft papers with SEBI for IPO, consists only OFS component

ICICI Prudential AMC IPO: ICICI Prudential Asset Management Company, a subsidiary of ICICI Bank, has filed draft papers with the markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering.

The initial share sale is solely an offer for sale of 17,652,090 equity shares by promoter selling shareholder Prudential Corporate Holdings Limited, according to the draft red herring prospectus (DRHP).

Since there is no fresh issuance of shares, the company will not receive any funds from the issue, and the proceeds will go to the selling shareholder.

A record 18 merchant bankers are managing the public offer. They are Citigroup Global Markets India, BofA Securities India, Morgan Stanley India Company, CLSA India, IIFL Capital Services, UBS Securities India, Axis Capital, Nomura Financial Advisory and Securities (India), Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Avendus Capital, BNP Paribas, Goldman Sachs (India) Securities, HDFC Bank, Motilal Oswal Investment Advisors, JM Financial, and Nuvama Wealth Management.

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

ICICI Bank said that it has entered into an inter-se agreement with Prudential Corporation Holdings Ltd (PCHL) stating its intention to purchase up to 2% of fully diluted pre-IPO share capital of the AMC from PCHL before the consummation of the IPO.

The bank holds a 51% stake in ICICI Prudential AMC. This transaction will primarily be towards maintaining the lender's majority shareholding in case of a grant of stock-based compensation by the AMC.

The total assets of ICICI Prudential AMC stand at ₹4,384 crore as of March 31, 2025. It had reported a profit after tax (PAT) of ₹2,650.7 crore in the financial year 2024-25, up 29.3% from ₹2,049.7 crore a year back. Revenue from operations surged 38.7% to ₹4,682.8 crore in FY25 as against ₹3,375.9 crore in FY24.