ICICI Prudential AMC, India’s second-largest asset manager with over ₹10 trillion ($111B) in AUM, plans to acquire a firm in the private equity space to strengthen its capabilities beyond traditional products, CEO Nimesh Shah said at the company’s IPO press conference.
The AMC is also awaiting regulatory approval to acquire ICICI Ventures, further deepening its PE footprint, and is in discussions with regulators to launch retirement funds, following recent reforms that allow customized pension schemes.
The firm is targeting a valuation of up to ₹1.07 trillion ($11.9B) in its upcoming IPO, priced at ₹2,061–₹2,165 per share. UK-based Prudential will sell about 10% of its stake—more than initially planned—in the ₹106 billion offering.
The IPO opens Dec 13 and closes Dec 16.