metro india news  I new delhi

ICICI Prudential Asset Management Company (AMC), a joint venture between ICICI Bank and UK-based Prudential Corporation Holdings, will open its initial public offering (IPO) on December 12. The public issue, estimated at around Rs 10,000 crore, will close on December 16, while anchor bidding is scheduled for December 11, according to the red herring prospectus.

The IPO is structured entirely as an offer for sale (OFS), involving 4.89 crore equity shares offloaded by Prudential Corporation Holdings. With no fresh issue component, the company will not receive any proceeds from the offer; all funds will go directly to the selling shareholder.

ICICI Bank currently owns 51% of the AMC, while Prudential holds 49%. Earlier on June 28, the bank announced board approval to acquire an additional 2% stake to maintain its majority holding, especially to offset any dilution from stock-based compensation issued by the AMC. The bank had also reiterated in February its commitment to retain majority control even as its partner prepares for a partial stake divestment and public listing.

ICICI Prudential AMC will become the fifth asset management company to be listed on Indian stock exchanges, joining HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management. It will also mark the fifth listed entity from the ICICI Group after ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.