ICICI Prudential Asset Management Company, a leading player in India’s asset management sector, is launching its IPO as a pure offer for sale worth ₹10,602 crore. This IPO opens on December 12, 2025, and closes on December 16, 2025, with shares priced between ₹2,061 and ₹2,165 each. The company manages over ₹10.87 lakh crore in assets under management as of recent reports, making it one of the top mutual fund houses in the country.
ICICI Prudential AMC IPO Overview
| IPO Open Date | December 12, 2025 |
| IPO Close Date | December 16, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹2,061 to ₹2,165 Per Share |
| Issue Size | Approx ₹10,602.65 Crores |
| Fresh Issue | Approx ₹[.] Crores |
| Offer for Sale: | Approx 4,89,72,994 Equity Shares |
| Issue Type | Bookbuilding Issue |
| IPO Listing | BSE, NSE |
ICICI Prudential AMC IPO Date and Timeline
The IPO subscription starts on December 12, 2025, and ends on December 16, 2025, at 5 PM. Allotment finalizes on December 17, 2025, followed by refunds and demat credit on December 18, 2025, with listing on BSE and NSE on December 19, 2025. Anchor investor bidding occurred on December 11, 2025.
| Event | Date |
| IPO Open Date | December 12, 2025 |
| IPO Close Date | December 16, 2025 |
| UPI mandate deadline | December 16, 2025 (5:00 PM) |
| Basis of Allotment | December 17, 2025 |
| Refunds | December 18, 2025 |
| Demat Credit | December 18, 2025 |
| Listing Date | December 19, 2025 |
Issue Size and Price Band
This ₹10,602 crore IPO consists entirely of an offer for sale of 48,972,994 equity shares by promoter Prudential Corporation Holdings Limited, with no fresh capital raised. The price band is set at ₹2,061 to ₹2,165 per share, valuing the company at around ₹1.07 lakh crore at the upper end. Retail investors need a minimum investment of ₹12,990 for one lot of six shares.
| IPO Basics | Details |
| Total Issue Size | ₹10,602 crore (OFS) |
| Shares Offered | 48,972,994 |
| Price Band | ₹2,061 – ₹2,165 |
| Face Value | ₹1 per share |
Lot Size and Application Details
Retail investors can apply for a minimum of one lot comprising six shares worth ₹12,990 at the lower price band, up to 15 lots or 90 shares for ₹1,94,850. Small HNI starts at 16 lots (96 shares, ₹2,07,840), while big HNI begins at 77 lots (462 shares, ₹10,00,230). Bidding occurs in multiples of the lot size only.
| Application Type | Lot Size | Shares | Amount (Upper Band) |
| Retail Minimum | 1 | 6 | ₹12,990 |
| Retail Maximum | 15 | 90 | ₹1,94,850 |
| S-HNI Minimum | 16 | 96 | ₹2,07,840 |
| S-HNI Maximum | 76 | 456 | ₹9,87,240 |
| B-HNI Minimum | 77 | 462 | ₹10,00,230 |
Reservation and Allocation Structure
The issue reserves 50% for qualified institutional buyers excluding anchors, 15% for non-institutional investors, and 35% for retail investors. Up to 2,448,649 shares are reserved for eligible ICICI Bank shareholders. Anchor portion follows regulations with sub-allocations for mutual funds, insurance companies, and pension funds.
| Investor Category | Percentage |
| QIB (Ex. Anchor) | 50% |
| NII | 15% |
| Retail | 35% |
| Anchor Investors | As per regulations |
Promoters and Shareholding Pattern
ICICI Bank Limited holds 51% stake, while Prudential Corporation Holdings Limited owns 49% pre-IPO. Prudential is offloading about 10% stake via this OFS, reducing its holding to around 39%, with ICICI Bank’s stake unchanged at 51%. Total promoter holding drops from 100% to approximately 90% post-IPO.
| Holding | Pre-Issue | Post-Issue |
| ICICI Bank | 51% | 51% |
| Prudential Holdings | 49% | ~39% |
| Total Promoters | 100% | ~90% |
Objects of the Issue
As a 100% offer for sale, no fresh shares are issued, so proceeds go directly to the selling promoter, Prudential Corporation Holdings Limited. The company receives no funds from this IPO, maintaining its strong balance sheet without equity dilution. This structure benefits Prudential while allowing public listing for ICICI Prudential AMC.
Financial Performance
ICICI Prudential AMC reported revenue of ₹4,979.67 crore and profit after tax of ₹2,650.66 crore in FY2025, up from ₹3,761.21 crore revenue and ₹2,049.73 crore PAT in FY2024. Assets grew to ₹4,383.68 crore by FY2025 end. For September 2025 quarter, revenue stood at ₹2,949.61 crore with PAT of ₹1,617.74 crore.
| Period | Revenue (₹ Cr) | Expense (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
| FY2023 | 2,838.18 | 831.01 | 1,515.78 | 2,804.76 |
| FY2024 | 3,761.21 | 1,063.10 | 2,049.73 | 3,554.09 |
| FY2025 | 4,979.67 | 1,446.62 | 2,650.66 | 4,383.68 |
| Sep 2025 | 2,949.61 | 800.13 | 1,617.74 | 4,827.34 |
Peer Comparison
ICICI Prudential AMC outperforms peers in profitability and ROE, with FY25 PAT highest at ₹2,651 crore. Its valuation aligns with strong asset managers on P/E but trades at a premium on price-to-book due to scale and AUM leadership. Peers like HDFC AMC show lower ROE around 32%.
| Company | EPS | P/E Ratio | RoNW % |
| ICICI Prudential AMC | 53.6 | ~33x | 82.8 |
| HDFC AMC | 57.6 | 45.2 | 32.4 |
| Nippon Life India AMC | 20.3 | 41.0 | 31.4 |
| UTI AMC | 57.4 | 19.8 | 16.3 |
| Aditya Birla Sun Life AMC | 32.3 | 22.5 | 27.0 |
Company Background
Established in 1993 as a joint venture between ICICI Bank and Prudential Plc, ICICI Prudential AMC focuses on mutual funds, portfolio management, and alternative investment funds. It serves over 1.48 crore investors with 135+ equity schemes, 20 debt funds, and 56 passive funds. The firm prioritizes risk management and long-term returns while complying with regulations.
| Founded | 1993 |
| CEO | Mr Nimesh Vipinbabu Shah |
| Organisation | ICICI Prudential Asset Management Co Ltd |
Lead Managers and Registrar
Book-running lead managers include Citigroup Global Markets India, Morgan Stanley India, BOFA Securities India, Axis Capital, and others like ICICI Securities and SBI Capital Markets. Kfin Technologies Ltd serves as the registrar, handling applications and allotment. Contact Kfin at 040-67162222 or icicipruamc.ipo@kfintech.com for queries.
ICICI Prudential AMC IPO FAQs
What is ICICI Prudential AMC IPO?
Mainboard OFS of ₹10,602 crore at ₹2,061-₹2,165 per share, listing on BSE & NSE.
When does it open for subscription?
Opens December 12, 2025; closes December 16, 2025.
What is the investor portion?
QIB 50%, NII 15%, Retail 35%
How to apply?
Investors can apply using ASBA through net banking on platforms like UPI-enabled brokers such as Groww or Upstox, blocking funds directly from their bank accounts. Alternatively, submit physical application forms via authorized brokers. Retail bids start at one lot of 6 shares worth ₹12,990 at the lower price band.
What is the issue size?
The overall issue size stands at ₹10,602 crore, comprising an OFS of 48,972,994 equity shares by promoter Prudential Corporation Holdings Limited.
What is the price band?
₹2,061 to ₹2,165 per share.
What is the lot size?
Minimum 6 shares (₹12,990 at lower band).
What is the allotment date?
December 17, 2025.
What is the listing date?
December 19, 2025 on BSE & NSE.
Disclaimer: This article is provided only for educational and informational purposes. References to securities or investments do not serve as advice or recommendations. We are not SEBI registered. Investors must perform their own research or consult a qualified financial advisor before any investment decisions.