ICICI Prudential AMC To Launch $1.2 Billion India IPO Next Week
A successful debut may also help propel India’s IPO market beyond last year’s record haul of almost $21 billion
India’s ICICI Prudential Asset Management Co. is likely to launch its initial public offering as early as next week to raise around 107 billion rupees ($1.2 billion), according to people familiar with the matter.
The country’s second-largest mutual fund manager by assets filed an updated draft offer document on Tuesday and is seeking a valuation of around $12 billion, the people said, asking not to be identified as the information is private.
ICICI Prudential’s planned offering will mark the nation’s fifth billion-dollar-plus listing this year. A successful debut may also help propel India’s IPO market beyond last year’s record haul of almost $21 billion, according to data compiled by Bloomberg. Companies in India have raised about $19.6 billion via initial share sales so far in 2025.
The offer will likely open for public subscription later next week following an announcement of the price band, the people said. Deliberations are ongoing and details of the IPO plans may still change, they said.
Prudential Plc declined to comment, while ICICI Prudential AMC didn’t respond to an email seeking comments.
Citigroup Inc. and ICICI Securities Ltd. are among 18 bankers managing the issue — a record for Indian offerings.
India’s market regulator approved the asset manager’s long-pending prospectus last week. The document outlined a plan that includes Prudential’s sale of a 10% stake. ICICI Bank Ltd. holds 51% of the joint venture, while UK-based Prudential owns the rest.
