ICICI Prudential AMC $1.1 Billion IPO Said to Near Approval from SEBI

As per the Bloomberg report, ICICI Prudential Asset Management Co. is expected to receive approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The approval may come within days. The company and the regulator have not issued any statements on the matter so far. 

Details from the Draft Filing 

The firm filed its draft red herring prospectus on July 8. The plan includes a secondary sale of up to 17.65 million shares. This represents about 10% of the company’s total equity. ICICI Bank Ltd holds a 51% stake in the joint venture, while the remaining share is owned by UK-based Prudential Plc. 

Estimated Size of the IPO 

As per the news report, if the offering goes ahead, it could raise as much as ₹100 billion, or roughly $1.1 billion. The potential valuation of the company is around $11 billion. ICICI Prudential Asset Management is currently India’s 2nd-largest mutual fund house by total assets. 

Banks Working on the Issue 

As per the news report, ICICI Securities Ltd. and Citigroup are leading the offering. They are joined by as many as 16 additional banks, forming what would be one of the largest syndicates seen for an Indian IPO. Initial conversations with possible investors have already begun, and the issue could open as early as next month, depending on regulatory timing. 

India’s IPO market raised close to $21 billion last year. If ICICI Prudential Asset Management’s public issue is launched this year, it may contribute notably to the total fundraising for 2025. 

Read More:  Amazon-Backed More Retail Taps Banks for $300 Million India IPO! 

Conclusion 

The proposed listing of ICICI Prudential Asset Management is moving through final regulatory stages, with fundraising expectations and syndicate details already outlined in the draft filing. The offering is likely to proceed once SEBI approval is confirmed. 

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