Indian mutual fund manager ICICI Prudential Asset Management has submitted draft documents for an initial public offering (IPO), targeting a valuation of $12bn, reported Reuters citing sources.
The IPO aims to raise $1.2bn and reflects the growing momentum in India’s capital markets.
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The company, a joint venture (JV) between ICICI Bank, which holds a 51% stake, and British insurer Prudential, which owns the remaining 49%, will see Prudential Corporation Holdings Limited (PCHL), a Prudential subsidiary, offload up to 10% of the asset manager’s equity through an offer for sale.
The filing comes amid a recovery in India’s financial markets during May and June, with companies expected to collectively raise approximately $2.4bn through IPOs in July alone.
ICICI Prudential Asset Management did not respond to requests for comment.
The IPO is being managed by several book-running lead managers, including Morgan Stanley India, Axis Capital, BofA Securities India, and Citigroup Global Markets India.
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By GlobalDataSeparately, Prudential disclosed that PCHL has agreed to sell up to 2% of its stake in the asset manager to ICICI Bank prior to the IPO.
In February this year, Prudential indicated it was exploring a potential listing of its Indian JV.
The asset manager reported a 29.3% increase in profit for the financial year ending 31 March 2025, driven by a 38.7% rise in fee and commission income.
This growth was largely attributed to an increase in average annual assets under management, which rose to Rs9.01tn ($105.08bn) from Rs6.46tn ($75.3bn) the previous year, as per the draft prospectus.
