India’s ICICI Prudential Asset to launch IPO in 2nd week of December, sources say

MUMBAI:

will launch its $1.2 billion IPO in the second week of December, two sources said on Thursday, making India’s second-largest asset manager the latest in a long list of firms to go public this year.

The fund house, which had filed for the IPO in July, 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 rest.

A subsidiary of Prudential will sell up to 10% stake in the IPO, with the asset manager eyeing a valuation of $12 billion, according to one of the sources.

“The asset manager received the market regulator’s nod on its public offer documents yesterday. After completing the rest of the formalities the firm hopes to list in the third week of December,” the second source said.

The sources declined to be identified as regulator’s nod is not public yet.

A spokesperson for ICICI Prudential declined to comment. Prudential in an emailed response said they do not comment on market rumour.

India’s stock benchmarks surged to record highs on Thursday, powered by expectations of an earnings recovery and a favourable macroeconomic backdrop. Companies have raised more than $16 billion so far in 2025, making India the world’s third-largest IPO market, according to Dealogic.

ICICI Prudential manages 10 trillion rupees (about $112 billion) of assets in India. Its profit for the year ended March 2025 rose 29.3% to 26.6 billion rupees, lifted by income from fees and commissions.

Prudential Corporation Holdings, the subsidiary which will sell shares at the IPO, has entered into an agreement with ICICI Bank to sell up to 2% of the asset manager’s stake to the lender ahead of the IPO.

Eighteen investment bankers will manage the IPO.