ICICI Prudential Asset Management Company is set to launch its $1.2 billion IPO in the second week of December, according to sources on Thursday. This move will make India's second-largest asset manager the latest company to go public this year. The fund house, a joint venture between India's second-largest private lender ICICI Bank and British insurer Prudential, had filed for the IPO in July. ICICI Bank holds a 51% stake, while Prudential owns the remainder.
A subsidiary of Prudential plans to sell up to a 10% stake in the IPO, aiming for a valuation of $12 billion. Sources revealed that the asset manager received approval from the market regulator on its public offer documents. They hope to complete the remaining formalities and list the firm in the third week of December. However, the sources chose to remain anonymous as the regulator's approval is not yet public. Both ICICI Prudential and Prudential declined to provide any official comments on the matter.
India's stock benchmarks reached record highs on Thursday due to expectations of an earnings recovery and a favorable macroeconomic environment. With companies already raising over $16 billion in 2025, India stands as the world's third-largest IPO market, according to Dealogic. ICICI Prudential currently manages assets worth 10 trillion rupees (approximately $112 billion) in India. Its profit for the year ending in March 2025 increased by 29.3% to 26.6 billion rupees, primarily driven by income from fees and commissions.
Prudential Corporation Holdings, the subsidiary responsible for selling shares in the IPO, has agreed with ICICI Bank to sell up to 2% of the asset manager's stake to the lender before the IPO. The IPO will be managed by eighteen investment bankers. The upcoming IPO is indicative of the thriving market for public offerings in India, with investors keenly watching the developments at ICICI Prudential Asset Management Company.
