ICICI Prudential Asset Management Co, India’s second-largest mutual fund house, is set to go public in December, in what has been a strong year for India’s primary markets.
In 2025, till November, 93 companies had raised over Rs 1.54 lakh crore through the primary market, according to Prime Database. In comparison, in 2024, there had been 91 IPOs, with companies raising over Rs 1.59 lakh crore.
With at least Rs 30,000 crore expected to be raised by companies in December alone, this year should easily surpass last year’s peak.
ICICI Prudential’s offering is purely an offer for sale, through which promoter Prudential Corp. Holding is selling around a 10 per cent stake (4.9 crore shares) in a Rs 2,061-2,165 per share price band. At the upper end of the price band, the public issue will be valued at about Rs 10,608 crore. Currently, ICICI Bank holds a 51 per cent stake in the asset management company, while Prudential holds 49 per cent.
The issue will open on December 12 and close on December 16.
ICICI Prudential AMC joins several other mutual fund companies that have gone public over the last few years. In October this year, Canara Robeco AMC raised Rs 1,326 crore through a public issue, which was also entirely an offer for sale.
SBI Asset Management Company, India’s largest mutual fund house, has also received board approval to go public.
SBI Funds Management is a joint venture between the country’s largest lender, State Bank of India, and French asset manager Amundi.
The parent companies are likely to sell around a 10 per cent stake in the company.
These companies will join Aditya Birla Sun Life AMC, Nippon Life India AMC, HDFC AMC, and UTI AMC, which have gone public over the last few years amid a significant rise in interest among Indians to invest in equity markets—whether through mutual funds or directly through stocks.
According to the Association of Mutual Funds of India (AMFI) data, the AUM of the Indian MF industry has surged more than sixfold in the past decade—from Rs 13.24 lakh crore on October 31, 2015 to Rs 79.88 lakh crore as of October 31, 2025.
ICICI Prudential AMC had over Rs 10 lakh crore in AUMs, as of September 2025.
Sandeep Batra, the chairman of ICICI Prudential AMC, pointed out that India stands on the cusp of "extraordinary growth", with rising investor awareness, supportive regulations, and the power of compounding set to drive "substantial" growth in the sector.
Amid this backdrop, ICICI Bank aims to continue holding a majority stake in the asset management company.
"Prudential, our joint venture partner, is partially divesting its stake through this IPO and any additional divestment requiring the regulation will also be done by Prudential. ICICI Prudential will continue to remain a subsidiary of ICICI Bank. The bank has also announced its intent to acquire additional 2 per cent stake from Prudential and this acquisition will be conceded before the commencement of the IPO, ensuring ICICI Bank's majority holding in the future as well," Batra added.
ICICI Prudential AMC will be the third company from the ICICI Group to list on the stock exchanges—after ICICI Prudential Life Insurance and ICICI Lombard General Insurance—apart from the parent ICICI Bank itself being listed.
The performance of AMCs that have gone public has been mixed.
Nippon Life India AMC has seen the biggest gains. Its stock is up 223 per cent since listing on November 6, 2017.
HDFC AMC, which went public on August 6, 2018, has gained 134 per cent as of Friday’s close.
The stock price of UTI AMC has also doubled since going public on October 12, 2020.
On the other hand, Aditya Birla Sun Life AMC, which went public in 2021, is up 2 per cent and Canara Robeco is up 7 per cent since listing on October 16 this year.
ICICI Prudential AMC's IPO will be among several small and large companies going public this December. These include e-commerce company Meesho, aerospace firm Aequs, Clean Max Enviro Energy Solutions, enterprise AI firm Fractal Analytics, and Juniper Green Energy, among others.
Some of the major companies that have gone public this year include LG Electronics India, Lenskart, Tata Capital, EV company Ather Energy, and the National Securities Depository Ltd.
The strong momentum in the IPO market comes despite volatility in the secondary markets amid global geopolitical uncertainties and the US imposing stiff 50 per cent tariffs on Indian goods imports.
Year-to-date, the large-cap BSE Sensex and NSE Nifty50 have delivered around 8-9 per cent returns. On the other hand, mid-cap and small-cap indices have given negative returns.
While domestic inflows have been strong, a lot of the weakness has been driven by foreign portfolio investors selling massively.