ICICI Prudential Asset Management Company’s (AMC) initial public offering (IPO), India's third biggest public issue this year, opened for subscription on December 12. Investors have until December 16 to subscribe to the Rs 10,602.65-crore IPO.
Earlier this year, Tata Capital came out with its Rs 15,512-crore IPO and LG Electronics India with its Rs 11,607-crore IPO, both in October. ICICI Prudential AMC IPO is also the tenth largest IPO the country has ever seen. Hyundai Motor India's Rs 27,859-crore IPO is still the largest-ever.
ICICI Prudential AMC IPO Subscription Status: Day 1
As of 12:48 PM, ICICI Prudential AMC IPO has been subscribed by 11 per cent, or 0.11 times the total shares on offer. Non-Institutional Investors (NIIs) led the subscription, bidding 16 per cent of their allocation so far, retail investors subscribed 12 per cent of their quota, while qualified institutional buyer's (QIB) category saw nil subscription so far.
ICICI Bank shareholders, who have 2.45 million shares reserved for them, subscribed to the issue by 22 per cent.
ICICI Prudential AMC IPO Details
Issue Size: ICICI Prudential AMC aims to raise Rs 10,602.65 crore through a pure offer for sale (OFS) of 48.97 million equity shares. There is no fresh issue component in this IPO.
Price Band, Lot Size, Minimum Investment: The price band has been set at Rs 2,061 to Rs 2,165 per share. The lot size is 6 shares, requiring a minimum investment of Rs 12,990 for retail investors, based on the upper end of the price band.
Allotment, Listing Dates: The IPO’s share allotment is expected to be finalised on December 17, and the stock is scheduled to list on the NSE and BSE tentatively on December 19.
BRLMs, Registrar: The IPO is being managed by an 18-bank syndicate led by Citi, Morgan Stanley, BofA Securities, Axis Capital and CLSA. Other book-running lead managers include IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Caps, ICICI Securities, Goldman Sachs, Avendus, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama and UBS. KFin Technologies is acting as the registrar.
Objectives: As this is a complete OFS, ICICI Prudential AMC will not receive any proceeds from the issue. All funds raised will go to the promoter selling shareholder, net of offer-related expenses and applicable taxes.
ICICI Prudential AMC IPO Anchor List
Ahead of the IPO opening, ICICI Prudential AMC raised Rs 3,021.75 crore from 149 institutional investors in the anchor book on December 11. The company allotted 13.95 million shares at the upper end of the price band, Rs 2,165 apiece.
The anchor list attracted several marquee names. LIC emerged as the largest participant, acquiring 5.63 per cent of the anchor allocation with an investment of nearly Rs 170 crore. Following it was Capital Group Global Equity Fund, which took 5.59 per cent for an investment of Rs 168.95 crore. The Government of Singapore also bought 4.75 per cent of the anchor book for Rs 143.65 crore.
Out of the total 13.95 million equity shares allocated to the anchor investors, 4.66 million shares or 33.40 per cent of the anchor book, were allotted to 27 domestic mutual funds, spread across 77 schemes.
ICICI Prudential AMC: Key Financials
ICICI Prudential AMC has reported steady financial growth over the last three years. The AMC reported total income of Rs 4,979.67 crore in FY25, up from Rs 3,761.21 crore in FY24 and Rs 2,838.18 crore in FY23. This translates to a three-year compounded annual growth rate (CAGR) of around 27 per cent.
The fund house’s profit after tax (PAT) rose to Rs 2,650.66 crore in FY25, as against Rs 2,049.73 crore in FY24 and Rs 1,515.78 crore in FY23, reflecting a CAGR of nearly 27 per cent. Ebitda also improved, coming in at Rs 3,636.99 crore in FY25 against Rs 2,780.01 crore in FY24 and Rs 2,072.58 crore in FY23, translating into a CAGR of about 29 per cent.
The company’s net worth stood at Rs 3,516.94 crore as of March 31, 2025.
ICICI Prudential AMC manages 143 schemes, one of the most extensive product suites in the industry, covering equity, hybrid, passive strategies, portfolio management services (PMS), alternative investment funds (AIFs) and offshore advisory mandates.
ICICI Prudential AMC: India’s Second Largest Asset Manager
Established in 1998, ICICI Prudential AMC is a joint venture between ICICI Bank and the UK-based Prudential Corporation. The fund house is currently the country’s second-largest asset manager by AUM. The fund asset manager holds a 13.20 per cent share of quarterly average AUM and manages Rs 10.87 lakh crore in assets as of September 30, 2025, according to its red herring prospectus (RHP).
SBI Mutual Fund currently is the largest by AUM. Its FY25 annual report shows total AUM of Rs 10,65,912.74 crore as of March 31, 2025. While this number is lower than ICICI Prudential’s AUM as of September 2025, more recent industry data from Cafemutual pegs SBI MF’s average AUM at Rs 11.99 lakh crore for September 2025, and Rs 10.14 lakh crore for ICICI Prudential.
