Newsletter
ICICI Prudential AMC, India’s second largest asset manager, has kicked off its long-awaited IPO process, tapping a record 17 investment banks to run the deal.
The deets: the 26-year-old JV between ICICI Bank (51%) and UK’s Prudential Plc (49%) is planning a pure offer for sale (OFS) with Prudential offloading shares, and no new capital from ICICI Bank.
The draft papers are expected to be filed by end-June or early July. The IPO size is likely to be around ₹10,000 crore, though the final call is yet to be made.
Zoom out: this would be one of India’s biggest-ever AMC IPOs and the first in years at a time when mutual fund AUMs and retail participation are hitting fresh highs.
With SIPs also at record levels and market sentiment strong, ICICI Prudential AMC is looking to ride the boom with a well-timed market debut.
