ICICI Prudential AMC IPO will open in the second week of December

ICICI Prudential Asset Management Company will launch its $1.2 billion initial public offering in the second week of December, two sources said on Thursday. This makes India’s second-largest asset manager the latest in a long list of companies to go public this year.The fund house, which had filed for an initial public offering in July, is a joint venture between India’s second-largest private lender ICICI Bank, which has a 51% stake, and British insurer Prudential, which owns the rest.

A subsidiary of Prudential will sell up to 10% of shares in the IPO, with the asset manager expecting 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 company hopes to go public in the third week of December,” the second source said.

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

A spokesperson for ICICI Prudential declined to comment. Prudential said in an email response that it does not comment on market rumors. Indian equity benchmarks rose to record highs on Thursday, driven by expectations of an earnings recovery and a favorable macroeconomic environment. Companies have raised more than $16 billion so far in 2025, making India the third-largest IPO market in the world, according to Dealogic. ICICI Prudential manages 10 trillion rupees (about $112 billion) of assets in India. Profit for the year ending March 2025 rose 29.3% to 26.6 billion rupees, driven by fee and commission income.

Prudential Corporation Holdings, the subsidiary that will sell shares in 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 supervise the IPO.