India’s ICICI Prudential Asset files for IPO at $12 billion valuation, sources say

ICICI Prudential Asset Management Company has filed for a $1.2 billion IPO at a valuation of $12 billion, two sources said on Wednesday, as India’s second-largest mutual fund manager by assets joins a slew of firms looking to go public.

The asset manager is a joint venture between India’s second-largest private lender, ICICI Bank, which holds a 51% stake, and British insurer Prudential, which owns the remaining 49%.

The IPO will consist of an offer for sale of up to 10% of ICICI Prudential Asset Management Company’s equity share capital by Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential.

A recovery in India’s markets in May and June has boosted demand for IPOs, with companies expected to raise about $2.4 billion from such issues in July alone.

Separately, Prudential said PCHL has entered into an agreement with ICICI Bank to sell up to 2% of the asset manager’s stake to ICICI ahead of the IPO.

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In February, Prudential had said it was considering listing its Indian joint venture.

ICICI Prudential Asset Management Company’s profit for the year ended March 31, 2025 was up 29.3% as income from fees and commission rose 38.7%.

The increase in fees and commissions was primarily due to a rise in total annual average assets under management to 9.01 trillion rupees ($105.08 billion) from 6.46 trillion rupees in the previous year, according to the draft papers.

ICICI Prudential AMC did not respond to a Reuters request seeking comment.

Morgan Stanley India, Axis Capital, BofA Securities India, Citigroup Global Markets India are among the book-running lead managers of the offering.