India’s second-largest asset manager, ICICI Prudential Asset Management, is set to launch its $1.2B IPO in the second week of December, sources said.
The JV between ICICI Bank (51%) and Prudential (49%) is targeting a $12B valuation. Prudential’s subsidiary will sell up to 10% in the offering.
The company received regulatory approval this week and aims to list by the third week of December, pending final formalities.
Key Highlights
- AUM: ₹10 trillion (~$112B)
- FY2025 Profit: Up 29.3% to ₹26.6B
- India IPO Market 2025: $16B+ raised — world’s 3rd-largest
- 18 investment banks mandated for the deal
- Prudential may sell up to 2% to ICICI Bank pre-IPO.
India’s equity markets hit record highs this week, supported by strong earnings expectations and a favorable macro backdrop.