ICICI Prudential AMC IPO: Temasek, JP Morgan and other major anchors invest Rs 3,022 crore

ICICI Prudential AMC has raised Rs 3,022 crore from 148 investors across sovereign wealth funds, global asset managers, domestic insurers, pension funds, mutual funds and family offices ahead of its Rs 10,600-crore IPO.The participation pattern indicates broad institutional conviction ahead of the public issue, which runs from December 12 to 16 at a price range of Rs 2,061 to Rs 2,165. The offer is a pure sale offer from Prudential Corporation Holdings, with a listing scheduled for December 19 on BSE and NSE.

Sovereign wealth funds accounted for some of the largest early allocations. Temasek entities Aranda Investments and Zulia Investments together subscribed to Rs 248.44 crore, while GIC entities were allocated Rs 168.96 crore. Abu Dhabi Investment Authority came in with Rs 50 crore, and Norges Bank, manager of Norway’s Government Pension Fund Global, secured Rs 125 crore.

Foreign institutional investors also subscribed in significant numbers. Fidelity group entities together received Rs 150 crore, while FMR LLC-linked structures received Rs 125 crore. Aberdeen and Abrdn SICAV funds were allocated Rs 50 crore. BlackRock and Goldman Sachs Asset Management secured Rs 50 crore each, and Wellington Management vehicles collectively received allocations worth Rs 50 crore. JPMorgan’s multiple funds were allocated a combined amount of Rs 125 crore.

Domestic financial institutions were equally prominent. Life Insurance Corp received one of the largest individual allocations of Rs 170 crore. All major private sector life insurers have also signed up, including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life and Bajaj Life. Non-life insurers such as United India Insurance, Reliance General, Bajaj General and Go Digit Life also participated.

Participation in mutual funds was equally deep. HDFC Mutual Fund invested in multiple schemes totaling around Rs 154 crore. The SBI Mutual Fund schemes also amounted to around Rs 154 crore. Nippon India Mutual Fund received Rs 88.56 crore, while Kotak Mutual Fund received around Rs 79.91 crore. Axis, Mirae Asset, Aditya Birla Sun Life, UTI, Franklin Templeton, Canara Robeco, Tata, DSP, Edelweiss, Bandhan, Motilal Oswal and PGIM India were also present.

Domestic long-term pools such as the National Pension System have also signed up. HDFC Pension, SBI Pension and UTI Pension each placed a sizeable bid of around Rs 45 crore each. International pension participation came from the Los Angeles City Employees Retirement System. Ahead of the anchor round, the fund house raised money from 26 major investors including the likes of billionaire Jhunjhunwala family, Madhusudhan Kela, Manish Chokhani and Prashant Jain in a pre-IPO round.