It can be challenging for investors to decide if the ICICI Prudential AMC IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. This article presents the top key factors and a detailed review of the ICICI Prudential AMC IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.
About Company
Incorporated in 1993, ICICI Prudential AMC is the largest Asset Management Company in India, with its total mutual fund QAAUM standing at ₹10,147.6 billion. Its investment approach has always been to manage risk first and aim for long-term returns for its customers. With a history of over 30 years in the asset management industry makes ICICI Prudential is one of the oldest asset management companies in India. Mutual Fund Business, Portfolio Management Business, and Alternative Investment Fund Business are the company’s services.
Moreover, ICICI Prudential AMC manages more than 140+ mutual fund schemes, which include 44 equity and equity-oriented schemes, 20 debt schemes, 61 passive schemes, 15 domestic fund-of-funds schemes, one liquid scheme, one overnight scheme, and one arbitrage scheme. They consistently focus on creating and growing unique products that perform well across different market conditions and meet long-term investor needs.
Strengths
- They are the largest Asset Management company in India in terms of the number of active mutual fund schemes.
- The company comes with a diversified portfolio, managing 143 mutual fund schemes, which is the largest number of schemes managed by the Asset management company.
- On a Year-on-year basis, the company’s total income increased by 32% to 33%.
- The company is almost debt-free.
- Over the last 3 years, the company has shown strong ROE performance, delivering a 78.1% return.
- Investors holding shares of ICICI Bank Limited will benefit from the shareholder quota available in the IPO.
Weaknesses
- This IPO is totally an OFS component, meaning the existing investors will be selling their shares, and the company will not receive any fresh funds.
- The company’s attrition rate is high. Around 33% of employees of the company quit within the year. If the company could not keep or attract new employees could negatively impact the operations, financial performance, and overall business.
- According to the peer comparison, the ICICI AMC has slightly high valuations, meaning it is priced at a premium.
ICICI Prudential AMC IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Adroit Financial Services Private Limited | May Apply |
| Aditya Birla Money Limited | Apply |
| Anand Rathi | Apply |
| Arihant Capital Markets Ltd | May Apply |
| Ashika Research | Not Rated |
| Axis Capital | Not Rated |
| Canara Bank Securities Ltd | Apply |
| Capital Market | May Apply |
| IDBI Capital | Not Rated |
| JM Financial Services Limited (JMFS) | Not Rated |
| Kotak Securities | Not Rated |
| Nirmal Bang | Not Rated |
| SBICAP Securities Limited | Not Rated |
| Sharekhan Limited | May Apply |
| SMIFS Limited | Apply |
| Swastika Investmart Ltd | Apply |
ICICI Prudential AMC IPO Details
| IPO Open Date: | December 12, 2025 |
| IPO Close Date: | December 16, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹2,061 to ₹2,165 Per Share |
| Issue Size: | Approx ₹10,602.65 Crores |
| Offer-for-Sale: | up to 4,89,72,994 equity shares |
| Registrar | KFin Technologies Limited |
| IPO Lead Managers | Citigroup Global Markets India Pvt. Ltd. Morgan Stanley India Co. Pvt. Ltd. BOFA Securities India Ltd. Axis Capital Ltd. CLSA India Pvt. Ltd. IIFL Capital Services Ltd. Kotak Mahindra Capital Co. Ltd. Nomura Financial Advisory & Securities (India) Pvt. Ltd. SBI Capital Markets Ltd. ICICI Securities Ltd. Goldman Sachs (India) Securities Pvt. Ltd. Avendus Capital Pvt. Ltd. BNP Paribas HDFC Bank Ltd. JM Financial Ltd. Motilal Oswal Investment Advisors Ltd. Nuvama Wealth Management Ltd. UBS Securities India Pvt. Ltd. |
| Basis of Allotment | December 17, 2025 |
| IPO Listing Date: | December 19, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Sep 2024 |
| Total income | ₹2,949.61 Crores | ₹4,979.67 Crores | ₹2,458.23 Crores |
| EBITDA | ₹2,210.10 Crores | ₹3,636.99 Crores | ₹1,837.55 Crores |
| Profit After Tax (PAT) | ₹1,617.74 Crores | ₹2,650.66 Crores | ₹1,327.11 Crores |
| Net Worth | ₹3,921.56 Crore | ₹3,516.94 Crore | ₹3,272.28 Crore |
| Reserves and Surplus | ₹3,903.91 Crores | ₹3,432.85 Crores | ₹3,254.63 Crores |
Key Indicators
| KPI | Values |
| ROE | 82.8% |
| Price to Book Value | 30.41 |
| RoNW | 82.8% |
| EBITDA Margin | 0.36% |
Promoters & Track Records, if any
- ICICI Bank Limited holds 252,072,044 equity shares, representing 51.0% of the pre-offer Equity Share capital in the company.
- Prudential Corporation Holdings Limited holds 242,186,476 equity shares, representing 49.0% of the pre-offer Equity Share capital in the company.
Peer Comparison With the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| ICICI Prudential AMC Limited | 1 | 53.6 | 53.6 | 82.8% | [●] | 71.2 |
| Listed Peers | ||||||
| HDFC Asset Management Company Limited | 5 | 57.6 | 57.4 | 32.4% | 45.2 | 189.8 |
| Nippon Life India Asset Management Limited | 10 | 20.3 | 20.0 | 31.4% | 41.0 | 66.4 |
| UTI Asset Management Company Limited | 10 | 57.4 | 57.1 | 16.3% | 19.8 | 359.4 |
| Aditya Birla Sun Life AMC Limited | 5 | 32.3 | 32.2 | 27.0% | 22.5 | 129.2 |
Industry Peer Group P/E ratio
In the Asset Management and Financial Services industry, the P/E ratio has ranged from a low of 19.8 to a high of 45.2, with an average of 32.1, based on peer comparison.
ICICI Prudential AMC IPO – Should You Apply or Not?
ICICI Prudential AMC IPO features a leadership in AUM, the largest number of schemes in the mutual fund industry, and a wide range of investment products. With an investor & registered user base of 1.5 crore, a diversified portfolio, experienced management, and consistent profitability leads to future growth. In contrast, a growing employee attrition rate, a higher valuation than the peer group, and a dependence on promoter reputation are some of the major risks of the company.
As of December 11, the GMP of ICICI Prudential AMC is ₹120, showcasing a potential listing of around 4%-6%. Short-term investors may consider applying for the listing gains due to the attractive GMP and strong financials. And cautious investors must carefully analyze the intense competition, regulatory risks, and the company’s valuation concerns before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
