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Mumbai-based asset manager ICICI Prudential Asset Management Company is aiming for a valuation of up to INR 1.07 tn (USD 11.9 bn) as it goes public, with a listing expected on 19 December, according to a regulatory filing. The company has set a price band of INR 2,061 to INR 2,165 per share. Investors can place orders from 12 December through 16 December; prospective anchor shareholders have until 11 December to get their bids in.
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The structure: The IPO will be a pure offer-for-sale of INR 106.3 bn (USD 1.18 bn), with UK-based Prudential expected to sell around 10% of its holding after bonus shares were issued earlier this year.
By the numbers: ICICI Prudential AMC manages INR 10 tn (USD 111 bn) in assets and reported INR 16.2 bn (USD 180 mn) in net income for the six months ending 30 September, up 22% y-o-y.
Strategy shift: The company plans to make an acquisition in the private equity space to expand beyond its current product portfolio, Reuters reports, citing CEO Nimesh Shah. ICICI Prudential AMC is awaiting regulatory approval to acquire group firm ICICI Venture and is in discussions with regulators to launch retirement funds.
ADVISORS- Kotak Mahindra Capital, Morgan Stanley India, JP Morgan India, ICICI Securities, and IIFL Securities are among 18 book-running lead managers. Kfin Technologies is the registrar for the issue.
India’s IPO market in context
The listing would push India’s 2025 fundraising beyond last year’s record. Recent debuts by the local units of LG Electronics and Hyundai Motor, along with offerings from capital-market players including stock brokers Groww.
Record fundraising: Indian issuers have already raised INR 1.77 tn (USD 19.6 bn) this year, surpassing last year’s INR 1.73 tn (USD 19.2 bn), driven by strong demand for new offerings, Bloomberg reports. With five more transactions likely to close by 16 December — including ICICI Prudential AMC’s issue — the total is set to rise further.
