ICICI Prudential Asset Management Company, India’s largest active fund manager, is preparing for its upcoming public market debut through a ₹10,603 crore offer for sale. The firm’s disclosures highlight a strong and widening lead across operational, financial and distribution parameters when compared with listed peers such as HDFC AMC, Nippon Life India AMC, Canara Robeco AMC, UTI AMC, and Aditya Birla Sun Life AMC. The data presented in the RHP signals a business that has consolidated its position at the top of the industry and continues to strengthen its competitive advantages.
Revenue Growth Driven by Equity Scale
Revenue Comparison
| Company | FY25 Revenue (₹ crore) | 1HFY26 Revenue (₹ crore) |
| ICICI Prudential AMC | 4,683 | 2,733 |
| HDFC AMC | 3,498 | N.A. |
| Nippon AMC | 2,065 | N.A. |
QAAUM Comparison (as of 30 Sept 2025)
| Company | Total Mutual Fund QAAUM (₹ lakh crore) |
| ICICI Prudential AMC | 10.15 |
| HDFC AMC | 8.81 |
| Nippon AMC | 6.56 |
Equity Oriented QAAUM
| Company | Equity QAAUM (₹ lakh crore) |
| ICICI Prudential AMC | 5.66 |
| HDFC AMC | 5.34 |
| Nippon AMC | 3 |
Key drivers of momentum:
• Large equity and hybrid book
• Strong monetisation ability due to scale
Profitability: A Clear Leadership Position
Net Profit FY25
| Company | Net Profit FY25 (₹ crore) |
| ICICI Prudential AMC | 2,651 |
| HDFC AMC | 2,461 |
| Nippon AMC | 1,286 |
Profit Before Tax FY25
| Company | PBT FY25 (₹ crore) |
| ICICI Prudential AMC | 3,533 |
Additional insight:
• ICICI Prudential AMC generated around 20% of the entire sector’s operating profit in FY25.
Strong Margins and Exceptional Return Ratios
ROE FY25
| Company | ROE FY25 (%) |
| ICICI Prudential AMC | 82.8 |
| HDFC AMC | 30.3 |
| Nippon AMC | 29.3 |
| ABSL AMC | 25 |
| UTI AMC | 15.9 |
Operating Margin
- 37 bps on an annualised basis.
Leadership Across AUM Mix
AUM Mix Comparison (Q2 FY26)
| Category | ICICI Prudential AMC (₹ lakh crore) | HDFC AMC | Nippon AMC |
| Equity QAAUM | 5.66 | Lower | Lower |
| Hybrid QAAUM | 1.65 | Below 1.3 | Below 1.3 |
Strong Position in Alternates
Alternates and PMS Comparison (as of 30 Sept 2025)
| Company | Alternates and Advisory Assets (₹ crore) | PMS (₹ crore) | Combined Total |
| ICICI Prudential AMC | 72,930 | 25,370 | Highest among peers |
| HDFC AMC | Under 60,000 | Included | <60,000 |
| Nippon AMC | Around 40,000 | Included | ~40,000 |
| UTI AMC | Below 35,000 | Included | <35,000 |
| ABSL AMC | Around 25,000 | Included | ~25,000 |
Retail Franchise: A Durable Competitive Advantage
Individual MAAUM
| Company | Individual MAAUM (₹ lakh crore) |
| ICICI Prudential AMC | 6.61 |
| HDFC AMC | 5.37 |
| Others | Much lower |
SIP and Systematic Flow Data
| Period | Flows (₹ crore) |
| FY25 | 39,100 |
| FY26 | 48,030 |
Product Breadth and Distribution Reach
Product Suite
Product Suite includes 143 schemes spanning across:
- Equity Mutual Funds
- Debt Mutual Funds
- Hybrid Mutual Funds
- Passive Mutual Funds
- Thematic Mutual Funds
Distributor Network
| AMC | Number of Distributors |
| Nippon AMC | 1,19,200 |
| ICICI Prudential AMC | 1,10,719 |
| HDFC AMC | Around 1,03,000 |
| ABSL AMC | Around 92,000 |
Branch and Bank Support
| Category | Count |
| ICICI Prudential AMC Branches | 272 |
| ICICI Bank Branch Network | 7,246 |
Market Capitalisation and Valuation
Valuation Metrics
| Metric | Value |
| P/E on FY25 earnings | 40.4x |
| P/E on annualised 1HFY26 earnings | 33.1x |
| Implied Market Cap | ₹1.07 lakh crore |
Peer Valuation Comparison (FY25)
| Company | P/E FY25 |
| HDFC AMC | 44.4x |
| Nippon AMC | 40.2x |
| ICICI Prudential AMC | 40.4x |
Industry Growth Outlook
- Mutual fund industry CAGR FY25 to FY30: 16% to 18%
Conclusion
ICICI Prudential AMC’s upcoming IPO is supported by powerful financial metrics, market leading AUM, a diversified product suite and a large distribution network. Its dominance across revenue, profitability, equity book size and alternatives places it among the most influential asset managers in India. As the overall industry expands, the AMC enters the listed space from a strong and strategically advantageous position.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
For complete IPO details and financials, check out the ICICI Prudential AMC IPO blog.
