MUMBAI: The second largest asset management company in terms of managed assets, ICICI Prudential Asset Management Company, is planning a mega Rs 10,000-crore initial share sale that will purely be an offer by the foreign promoter. The company has roped in as many as 15 investment banks, including Citi, Goldman Sachs, Morgan Stanley and BofA Securities, a record in the IPO space.
According to two sources, ICICI Securities and Citi were hired earlier this year for the deal and the 26-year-old company, in which the British financial powerhouse Prudential Plc owns 49%, recently mandated Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital, BofA Securities, IIFL Capital, Nomura Securities, JM Financial, Motilal Oswal, Avendus Capital, Nuvama, BNP Paribas, CLSA Securities and SBI Capital.
On the legal side, the company has roped in law firms Cyril Amarchand Mangadlas and Shardul Amarchand Mangaldas as legal advisors for the issue.
In comparison, when Bharti Infratel went public in 2012, it had engaged 13 investment banks for the issue.
As of March 2025, ICICI Prudential AMC had an AUM of Rs 9.15 trillion with over 1.1 crore investors across 133 schemes, while the market leader SBI Funds has around Rs 10.76 trillion in AUM. There are only three listed AMCs-- HDFC AMC, Nippon Life India AMC and UTI AMC. The largest fund house SBI Funds is not listed yet.
Since tying up with Prudential in 1998, 51% of the equity is held by ICICI Bank.
While the sources did not confirm the issue size, they hinted at around Rs 10,000 crore being planned, given that an earlier report quoting Prudential sources had said in March that the British company was looking at a $12 billion valuation.
"The plan got moving last week with all these investment bankers and lawyers. The issue will be an offer for sale by Prudential with no participation by ICICI Bank. The company is likely to file the draft papers by late June or early July and hit the market in the early part of the third quarter," the source told TNIE on Tuesday.
Prudential had on February 12 this year said it was evaluating a potential listing of ICICI Prudential AMC, involving the partial divestment of its shares.
"It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. We will provide a further update at an appropriate time. India is a strategically important market for us with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market," Prudential had said in a statement.
On the same day, ICICI Bank had said they intended to retain their majority shareholding in the fund house.