ICICI Prudential AMC Launches Mega IPO with Record Syndicate

India’s second-largest asset management firm by assets under management, ICICI Prudential Asset Management Company (ICICI Pru AMC), has officially launched its highly anticipated initial public offering (IPO). In a move that has drawn widespread attention, the company has enlisted a record-breaking syndicate of up to 17 investment banks—possibly the largest IPO advisory team ever assembled in India as per news reports.

IPO Structure: A Pure Offer for Sale

According to news reports, the IPO, formally kicked off last week, will be structured as a pure Offer for Sale (OFS). Only Prudential Plc will offload shares, while ICICI Bank will retain its entire stake.

While a final figure has not yet been locked in, the IPO is expected to raise around ₹10,000 crore. However, the exact size may vary depending on market conditions, the valuation, and the final decision on the number of shares to be offered.

Record-Breaking Investment Banking Syndicate

The IPO has brought together an unprecedented team of advisors. The 17-member syndicate reportedly includes:

• ICICI Securities
• Citi
• Goldman Sachs
• Morgan Stanley
• Kotak Mahindra Capital
• BofA Securities
• IIFL Capital
• Nomura Securities
• JM Financial
• Motilal Oswal
• Avendus Capital
• Nuvama
• BNP Paribas
• CLSA Securities
• SBI Capital

This extensive lineup surpasses the previous record set by Bharti Infratel in 2012, which had engaged 13 investment banks for its IPO.

Also Read: Upcoming IPOs in June 2025: No Mainboard IPO Scheduled for Listing

Legal Advisors Onboard

Top-tier legal firms have also been appointed to manage the regulatory and compliance aspects of the IPO. The advisory team includes:

• Cyril Amarchand Mangaldas
• Shardul Amarchand Mangaldas
• Sidley Austin LLP

These firms will guide the IPO process through India’s complex legal and financial landscape.

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