By Vivek Kumar M
(Reuters) -ICICI Prudential Asset Management Company has filed for a $1.2 billion IPO at a valuation of $12 billion, two sources said on Wednesday, as India’s second-largest mutual fund manager by assets joins a slew of firms looking to go public.
The asset manager 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 remaining 49%.
The IPO will consist of an offer for sale of up to 10% of ICICI Prudential Asset Management Company’s equity share capital by Prudential Corporation Holdings Limited (PCHL), a subsidiary of Prudential.
A recovery in India’s markets in May and June has boosted demand for IPOs, with companies expected to raise about $2.4 billion from such issues in July alone.
Separately, Prudential said PCHL has entered into an agreement with ICICI Bank to sell up to 2% of the asset manager’s stake to ICICI ahead of the IPO.
In February, Prudential had said it was considering listing its Indian joint venture.
ICICI Prudential Asset Management Company’s profit for the year ended March 31, 2025 was up 29.3% as income from fees and commission rose 38.7%.
The increase in fees and commissions was primarily due to a rise in total annual average assets under management to 9.01 trillion rupees ($105.08 billion) from 6.46 trillion rupees in the previous year, according to the draft papers.
ICICI Prudential AMC did not respond to a Reuters request seeking comment.
Morgan Stanley India, Axis Capital, BofA Securities India, Citigroup Global Markets India are among the book-running lead managers of the offering.
($1 = 85.7440 Indian rupees)
(Reporting by Jayshree P.
Upadhyay in Mumbai and Vivek Kumar M in Bengaluru, writing by Meenkashi Maidas and Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Tasim Zahid)
