SEBI Clears ICICI Prudential AMC IPO: A Pure Offer-for-Sale

ICICI Prudential Asset Management Company, India’s second-largest fund house by assets under management, has reportedly secured approval from capital markets regulator SEBI for its proposed initial public offering (IPO). As per Moneycontrol, the issue will be a pure offer for sale (OFS) by British partner Prudential Plc.

ICICI Prudential AMC Timeline

The IPO is tentatively scheduled for launch in the second week of December, with the listing expected around December 19. ICICI Prudential AMC is eyeing a valuation in the range of $12 billion (₹1,07,091 crore) to $12.5 billion (₹1,11,438 crore). With Prudential Plc planning to divest around 10% of its stake through the OFS, the issue size is estimated to fall between $1.2 billion and $1.25 billion.

This IPO will mark the fifth listing from the ICICI Group, following ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.

Also Read: IIFL Finance Decided to Raise ₹2,000 Crore via QIP: What You Need to Know?

The AMC, a 51:49 joint venture between ICICI Bank and Prudential Plc, has been in existence for 26 years, dating back to their collaboration in 1998. The ICICI Prudential AMC had begun preparing for the listing, bringing on board a record-breaking syndicate of nearly 17 investment banks, potentially the largest ever for an Indian IPO and was targeting a DRHP filing by early July.

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