India’s capital markets continue to attract strong investor interest, with high-quality financial services companies increasingly tapping the primary market. Against this backdrop, ICICI Prudential Asset Management Co. Ltd. (ICICI Prudential AMC) is bringing a large public issue that offers investors an opportunity to participate in one of the leading asset managers in the country.
ICICI Prudential AMC IPO is scheduled to open on December 12, 2025. Here is a detailed look at the company, its IPO structure, key financials, and business positioning.
About ICICI Prudential Asset Management Co. Ltd.
Incorporated in 1993, ICICI Prudential Asset Management Co. Ltd. is a leading asset management company focused on delivering long-term returns while managing risk for investors.
The company manages one of the largest active quarterly average assets under management (QAAUM) in India. As of September 30, 2025, ICICI Prudential AMC had an active QAAUM of ₹10,147.6 billion.
Its offerings span:
- Mutual Fund Business
Equity and equity-oriented schemes, debt schemes, exchange-traded funds and index schemes, arbitrage schemes, and liquid and overnight schemes. - Portfolio Management Services (PMS)
Strategies such as PMS Contra, PIPE, Growth Leaders, Value Strategy, Large Cap Strategy, and ACE Strategy. - Alternative Investment Fund (AIF) Business
Multiple offerings across Category II and Category III SEBI-registered AIFs, catering to sophisticated investors with diverse asset allocation needs.
The company also offers advisory services to offshore clients and manages the largest number of mutual fund schemes in the Indian industry. As of September 30, 2025, it managed 143 schemes, including:
- 44 equity and equity-oriented schemes
- 20 debt schemes
- 61 passive schemes
- 15 domestic fund of funds schemes
- 1 liquid scheme
- 1 overnight scheme
- 1 arbitrage scheme
ICICI Prudential AMC has a strong pan-India distribution network, with 272 offices across 23 states and 4 union territories, supported by 3,541 full-time employees as of September 30, 2025.
ICICI Prudential AMC IPO Details
ICICI Prudential AMC IPO is a book-built issue of ₹10,602.65 crore, structured entirely as an offer for sale (OFS) of 4,89,72,994 equity shares.
There is no fresh issue component, so the IPO proceeds will go to the selling shareholders and not to the company.
- IPO Type: Bookbuilding IPO
- Issue Size: 4,89,72,994 shares (₹10,602.65 crore)
- Offer Structure: 100% Offer for Sale
- Price Band: ₹2,061 to ₹2,165 per share
- Face Value: ₹1 per share
- Listing: BSE and NSE
- Pre-issue Shareholding: 49,42,58,520 shares
- Post-issue Shareholding: 49,42,58,520 shares (no change in total shares, only change in ownership mix)
The promoters of the company are ICICI Bank Ltd and Prudential Corporation Holdings Ltd.
Promoter holding will reduce from 100% pre IPO to 90.09% post IPO.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Friday, December 12, 2025 |
| IPO Close Date | Tuesday, December 16, 2025 |
| Basis of Allotment (Tentative) | Wednesday, December 17, 2025 |
| Initiation of Refunds | Thursday, December 18, 2025 |
| Credit of Shares to Demat | Thursday, December 18, 2025 |
| Listing Date (Tentative) | Friday, December 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tuesday, December 16, 2025 |
Key IPO Details
| IPO Date | Fri, Dec 12, 2025 to Tue, Dec 16, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹2061 to ₹2165 per share |
| Lot Size | 6 Shares |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 4,89,72,994 shares (aggregating up to ₹10,602.65 Cr) |
| Share Holding Pre Issue | 49,42,58,520 shares |
| Share Holding Post Issue | 49,42,58,520 shares |
| Lead Manager | Citigroup Global Markets India Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
Lot Size of ICICI Prudential AMC IPO
The lot size is designed to keep the minimum ticket size accessible for retail investors, while scaling up meaningfully for HNI categories.
| Investor Category | Lots | Shares | Amount |
| Retail (Min) | 1 | 6 | ₹12,990 |
| Retail (Max) | 15 | 90 | ₹1,94,850 |
| S-HNI (Min) | 16 | 96 | ₹2,07,840 |
| S-HNI (Max) | 76 | 456 | ₹9,87,240 |
| B-HNI (Min) | 77 | 462 | ₹10,00,230 |
ICICI Prudential AMC IPO Reservation
The issue follows the standard main-board reservation pattern:
- QIB (Qualified Institutional Buyers): Not more than 50% of the net offer
- Retail Individual Investors (RII): Not less than 35% of the net offer
- Non-Institutional Investors (NII): Not less than 15% of the net offer
Investor Category Reservation Rules
| Application Category | Maximum Bidding Limit | Bidding at Cut-off Allowed |
| Only RII | Up to ₹2 lakhs | Yes |
| Only sNII | ₹2 lakhs to ₹10 lakhs | No |
| Only bNII | Above ₹10 lakhs (NII portion) | No |
| Only Shareholder | Up to ₹2 lakhs | Yes |
| Shareholder + RII/NII | Shareholder: up to ₹2 lakhs; RII/NII as per category norms | Yes for shareholder/RII |
To be eligible for the Shareholder Quota, investors must hold shares in ICICI Bank Ltd.
ICICI Prudential AMC Financials
ICICI Prudential AMC shows strong profitability and growth, with rising income and healthy margins over the last three financial years.
Key Company Financials (Restated)
All figures in ₹ crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,827.34 | 4,383.68 | 4,096.74 | 3,554.09 | 2,804.76 |
| Total Income | 2,949.61 | 4,979.67 | 2,458.23 | 3,761.21 | 2,838.18 |
| Profit After Tax | 1,617.74 | 2,650.66 | 1,327.11 | 2,049.73 | 1,515.78 |
| EBITDA | 2,210.10 | 3,636.99 | 1,837.55 | 2,780.01 | 2,072.58 |
| Net Worth | 3,921.56 | 3,516.94 | 3,272.28 | 2,882.84 | 2,313.06 |
| Reserves & Surplus | 3,903.91 | 3,432.85 | 3,254.63 | 2,798.75 | 2,228.97 |
The company has delivered:
- Revenue growth: Total income increased by 32% between FY 2024 and FY 2025.
- Profit growth: Profit after tax (PAT) rose by 29% over the same period.
Key Performance Indicators (KPI)
As of March 31, 2025
| KPI | Value |
| Return on Equity (ROE) | 82.80% |
| Return on Net Worth | 82.80% |
| EBITDA Margin | 0.36% |
| Price to Book Value | 30.41 |
| Market Capitalisation | ₹1,07,006.97 Cr |
Valuation Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 53.63 | 65.46 |
| P/E (x) | 40.37 | 33.07 |
Promoter holding stands at 100% pre IPO and 90.09% post IPO, with the entire issue being an offer for sale.
ICICI Prudential AMC: Industry Position & Outlook
ICICI Prudential AMC operates in the asset management and mutual fund industry, which has been gaining prominence as Indian households gradually increase allocation to financial assets.
- The company is the largest asset management company in India in terms of assets managed under active mutual fund schemes, indicating strong scale and brand recognition.
- It has the largest individual investor franchise in India in terms of mutual fund assets under management, highlighting its reach and retail penetration.
- A diversified product portfolio across equity, debt, passive, liquid, arbitrage, PMS and AIF offerings helps it cater to varied risk profiles and investment needs.
- A wide pan-India, multi-channel distribution network with 272 offices supports efficient sourcing, servicing, and retention of investors.
- The company has a consistent profitable growth track record, as seen in rising income and PAT over FY 2023 to FY 2025.
- An experienced management and investment team further strengthens its positioning in an increasingly competitive and regulated industry.
These strengths collectively position ICICI Prudential AMC as a key beneficiary of the long-term trend of financialisation of savings and growing adoption of mutual funds and managed portfolios.
ICICI Prudential AMC IPO: Peer Comparison
ICICI Prudential AMC IPO can be compared with peers such as HDFC Asset Management Company Ltd, Nippon Life India Asset Management Ltd, UTI Asset Management Company Ltd, and Aditya Birla Sun Life AMC Ltd. Reviewing these companies helps investors gauge ICICI Prudential AMC’s positioning within the Indian asset management industry, offering insights into its scale, product diversification, distribution strength, and competitive standing to support more informed investment decisions.
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Conclusion
ICICI Prudential AMC IPO offers investors a chance to participate in a leading asset management company with:
- Strong brand and market leadership in the mutual fund industry
- Diversified product suite across mutual funds, PMS and AIFs
- Robust pan-India distribution and a large individual investor base
- Healthy financial performance with consistent growth in income and profits
However, since the IPO is a pure offer for sale, none of the proceeds will flow into the company, and the key consideration for investors will be valuation relative to its earnings, growth prospects, and sector peers. As with any equity investment, potential subscribers should review their risk appetite, time horizon, and overall portfolio allocation before taking a call on the issue.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
