Files papers with SEBI of offload 1.76 crore equity shares
MUMBAI, July 9 (The CONNECT)- ICICI Prudential Asset Management Company Ltd has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) seeking to raise funds through Initial Public Offering (IPO).
The IPO, with a face value of ₹1, is entirely an offer-for-sale up to 17,652,090 equity shares by Prudential Corporation Holdings Limited. The offer also includes a subscription reservation by eligible ICICI Bank Shareholders in the ICICI Bank Shareholders reservation portion.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited, operating since 1998. It is the largest asset management company in India in terms of active mutual fund quarterly average assets under management (QAAUM) with a market share of 13.3% as of March 31, 2025 (Source: CRISIL Report). As of March 31, 2025, its total mutual fund QAAUM stood at ₹8,794.1 billion. In addition, it had the highest market share of Equity and Equity Oriented Schemes QAAUM, of 13.4% across asset management companies in India (Source: CRISIL Report). It also had the highest market share of Equity Oriented Hybrid Schemes QAAUM, of 25.3% across the mutual fund industry (Source: CRISIL Report).
As of March 31, 2025, its mutual fund monthly average asset under management (MAAUM) attributable to individual investors (comprising retail investors and high-net-worth individuals) was ₹5658.2 billion. In addition, to its mutual fund business, it also has a growing alternates business comprising portfolio management services (PMS), management of alternative investment funds (AIFs) and advisory services to offshore clients.
It also had the largest domestic non-corporate client assets under management (AUM) among discretionary PMS managers in India as of March 31, 2025, with a closing AUM of ₹182.8 billion (Source: CRISIL Report). It is the most profitable asset management company in India, in terms of operating profit before tax, with a market share of 21.2% for the Financial Year 2024, according to a CRISIL Report mentioned in the DRHP.
It is one of the oldest asset management companies in India with history of over 30 years in asset management industry, that manages the largest number of schemes in the mutual fund industry in India with 135 schemes comprising 42 Equity and Equity Oriented Schemes, 20 debt schemes, 56 passive schemes, 14 fund-of-fund domestic schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme as of March 31, 2025.
It offers a suite of investment products and advisory services under its Alternates business which caters to the preferences of Individual Investors and institutional investors (comprising banks, insurance companies, corporates, and government entities, collectively, “Institutional Investors”).
It also provides investment advisory services as part of its offshore advisory business and are currently advising Eastspring Investments, Prudential plc’s asset management arm, on select equity and debt products which are distributed across markets such as Japan, Taiwan, Hong Kong and Singapore.
As of March 31, 2025, it had a pan-India distribution network comprising 264 offices across 23 states and four union territories. As of March 31, 2025, its mutual fund distributors (MFDs), consisted of 106,475 institutional and individual MFDs, 209 national distributors and 64 banks (including ICICI Bank Limited).
ICICI Prudential AMC Limited’s revenue from operations increased by 32.4% from ₹3,758.23 crore in Fiscal 2024 to ₹4,977.33 crore in Fiscal 2025, primarily due to an increase in fees and commission income, which in turn increase in its total annual average assets under management (AAUM). Profit after tax increased by 29.3% to ₹2,650.66 crore in the Financial Year 2025, compared to ₹2,049.73 crore in the Financial Year 2024.
Citigroup Global Markets India Private Limited, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, BofA Securities India Limited, Avendus Capital Private Limited, Axis Capital Limited, BNP Paribas, CLSA India Private Limited, HDFC Bank Limited, IIFL Capital Services Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, and UBS Securities India Private Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
