To carry out the Offer for Sale of up to 48,972,994 Equity Shares of face value of ₹ 1 each by the Promoter Selling Shareholder.
To achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company will not receive any proceeds from the Offer for Sale.
Our View
Incorporated in 1993, ICICI Pru AMC is one of the oldest asset management companies in India with history of over 30 years in the asset management industry. The company’s business model is capital efficient as evidenced from its return on equity of 86.8% (on an annualised basis) and 82.8% for H1FY26 and FY25, respectively.
The Asset Management Industry is expected to grow dramatically as India's economy matures and more people adopt modern investment habits. With India's mutual fund AUM-to-GDP ratio at ~20% (FY25) compared to the global average of 64%, there is significant headroom for penetration.
Risks to consider are competition from existing and new market participants, a highly regulated market, adverse market or economic conditions, dependence on services provided by certain third parties, attrition risk, credit risks related to debt investments, inability to sustain dividend payouts, and inability to obtain/renew licenses which could adversely affect business and cash flows.
On the financial front, the company posted CAGR ~32% in topline and bottomline during FY23–25; EBITDA also grew at ~32%. Their AUM mix, with a high proportion of equity, contributed to an operating revenue yield of 52 bps (annualised) and an operating margin of 37 bps (annualized) as at H1FY26. The customer count increased from 1.01 Cr. in FY23 to 1.55 Cr. in H1FY26.
The issue is priced at a P/BV of 27.3 based on its NAV of Rs. 79.3 as of September 30, 2025. If we annualize FY26 earnings, P/E comes around 33x (industry average ~32x). The issue is fully priced. At the upper band of ₹ 2,165, the issue implies a market cap of around ₹ 1.07 lakh crore.
Based on the comprehensive nature of the company's product offerings, established client base, and parentage of the ICICI group, the company is projected to achieve considerable growth in the long term. Investors may consider applying to the IPO with a long-term horizon.
Financial Snapshot & Valuation
Topline & Bottomline CAGR (FY23–25): ~32%
EBITDA CAGR (FY23–25): ~32%
Operating revenue yield: 52 bps (annualised, H1FY26)
Operating margin: 37 bps (annualised, H1FY26)
ROE: ~82.8% (FY25)
P/BV: 27.3 (NAV Rs. 79.3 at Sep 30, 2025)
Indicative P/E (annualised FY26): ~33x (industry ~32x)
Note: The issue is fully priced; investors should consider valuation vs growth prospects and the sizable addressable market for asset management in India.
Key Risk Factors (Summary)
High competition in asset management
Regulatory and market risk affecting AUM and fees
Dependence on third-party services and distribution partners
Attrition and talent retention risk
Credit risk in debt investments
Valuation sensitivity — issue appears fully priced
Frequently Asked Questions (FAQs)
When does the ICICI Prudential AMC IPO open and close?
The ICICI Prudential AMC IPO opens on December 12, 2025 and closes on December 16, 2025.
What is the price band for the IPO?
The price band is ₹2,061 to ₹2,165 per equity share.
What is the lot size and minimum application amount?
The lot size is 6 shares. Minimum application amount is ₹12,990 (6 shares).
Is ICICI Prudential AMC a profitable company?
Yes — ICICI Pru AMC is the most profitable AMC in India with a strong ROE (approx. 82.8% in FY25) and healthy operating metrics.
Should I subscribe to this IPO?
Sushil Finance view: Subscribe for long-term horizon. The IPO is fully priced; consider long-term AUM growth potential and valuation before applying.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
29,496.1 |
49,796.7 |
37,612.1 |
28,381.8 |
| Total Expenditure |
8,001.3 |
14,466.2 |
10,631.0 |
8,310.1 |
| EBITDA |
22,101.0 |
36,369.9 |
27,800.1 |
20,725.8 |
| Profit before Tax |
21,494.8 |
35,330.5 |
26,981.1 |
20,071.7 |
| Profit after Tax |
16,177.4 |
26,506.6 |
20,497.3 |
15,157.8 |
| E.P.S. (Diluted) |
32.7* |
53.6 |
41.5 |
30.7 |
| P/E (x) (Diluted) |
- |
40.37 |
- |
- |
| ROCE (%) |
86.6* |
82.8% |
78.9% |
70.0% |
PRICE CHART (@ ₹ 2,160) (Retail Category)
| LOT SIZE |
| Amount |
| 6 |
12,990 |
| 12 |
25,980 |
| 18 |
38,970 |
| 24 |
51,960 |
| 30 |
64,950 |
| 36 |
77,940 |
| 42 |
90,930 |
| 48 |
103,920 |
| 54 |
116,910 |
| 60 |
129,900 |
| 66 |
142,890 |
| 72 |
155,880 |
| 78 |
168,870 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
84 |
181,860 |
| Big HNI |
462 |
1,000,230 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
17/12/2025 |
| Initiation of refunds/unblocking ASBA Fund |
18/12/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
18/12/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
19/12/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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