ICICI Prudential Asset files for IPO

The firm is a joint venture between Indian private lender ICICI Bank, which holds a 51% stake, and British insurer Prudential, which owns the remaining 49%.

ICICI Prudential Asset Management Company, India's second-largest mutual fund manager by assets, has filed for an IPO comprising an offer for sale of up to 17.7 million shares, draft papers filed late on Tuesday showed.

The firm is a joint venture between Indian private lender ICICI Bank, which holds a 51 per cent stake, and British insurer Prudential, which owns the remaining 49 per cent.

The IPO will consist of an offer for sale of up to 10 per cent of ICICI Prudential Asset Management Company's equity share capital by Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential.

Separately, Prudential said PCHL has entered an agreement with ICICI Bank to sell up to 2 per cent of the asset manager's stake to ICICI ahead of the IPO.

In February, Prudential had said it was considering listing its Indian joint venture.

In June, Bloomberg News reported that the company was close to filing draft papers for a proposed IPO that may fetch as much as $1.2 billion.

ICICI Prudential Asset Management Company's profit for the year ended March 31, 2025 was up 29.3 per cent as income from fees and commission rose 38.7 per cent.

The increase in fees and commission was primarily due to an increase in total annual average assets under management to 9.01 trillion rupees ($105.08 billion) compared to 6.46 trillion rupees in the previous year, it said in the draft papers.

Morgan Stanley India, Axis Capital, BofA Securities India, Citigroup Global Markets India are among the book running lead managers of the offering.

($1 = 85.7440 Indian rupees)