Ahead of the opening of the IPO tomorrow, UK-based Prudential Corporation has sold a 4.5% stake in the company for about Rs 4,900 crore. Besides ICICI Bank, which is a co-promoter in the AMC, other domestic and foreign investors have together invested about Rs 2,675 crore at the upper price band at Rs 2,165 per share.
Top investors include Abu Dhabi-based large sovereign fund Lunate, domestic insurers like SBI Life, HDFC Life, Kotak Life and other marque investors like Premji Invest, University of California, funds run by 360 One, Estate of late Rakesh Jhunjhunwala, DSP, HCL Capital, Prashant Jain’s 3P India, Manish Chokhani and Madhusudhan Kela.
Large FII investors include WhiteOak, Janchor, Chrys Capital Malabar and Think Investments.
Jhunjhunwala Estate has picked up Rs 100 crore in the pre-IPO placement while Prashant Jain’s fund and Kela’s family trust have invested Rs 45 crore each. ICICI Bank has picked up 2% stake for Rs 2,140 crore.
The IPO, which will run from December 12-16, is an entirely offer for sale (OFS) in which Prudential is selling 10% stake.
Till last month, ICICI Bank owned 51% stake in ICICI Prudential AMC, while the remaining 49% stake was held by Prudential Corporation Holdings. ICICI Bank had earlier informed exchanges that the bank will purchase additional shareholding up to 2% in ICICI AMC from Prudential Corporation Holdings.ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund quarterly average assets under management (QAAUM) with a market share of 13.3% as of March this year. Its total QAAUM was Rs 8.8 lakh crore at the end of FY25.
The company had the highest market share of equity and equity- oriented schemes QAAUM, of 13.4% across asset management companies in India, according to a CRISIL report. Its equity-oriented hybrid schemes also had the largest market share in India.
Its profit after tax has grown at a CAGR of 32.2% from FY23-25 to Rs 2,650.6 crore and is the most profitable AMC in India by operating profit before tax which has grown at an impressive CAGR of 32% in the last 3 years to Rs 3,240 crore.