Old Partnership Prepares for Public Debut

Something big is brewing at ICICI Prudential Asset Management Company. Emerging from a 26-year partnership between India’s ICICI Bank and Britain’s Prudential PLC, this longstanding alliance is now making its debut in the stock markets. The company has opened the gates to discussions with a whopping 17 investment banks. That alone speaks volumes about the scale they are aiming for. This isn’t just another listing. This one might shake the scene.

Only One Partner Selling Its Share

Curiously, ICICI Bank is not parting with even a sliver of its stake. This whole offer is expected to be a selloff from Prudential’s side. Insiders say the gears began turning just last week, when conversations with bankers and legal experts started picking up pace. The aim is to submit the draft IPO papers around late June or perhaps in the early stretch of July. That’s just around the corner.

Estimated Size Hovers Around 10000 Crore

While the exact numbers are yet to be carved in stone, the buzz is loud, nearly 10000 crore rupees could be raised. Of course, the final tally might shift as they move closer to launch. Markets are moody, after all. But if whispers from within are true, this might be among the largest IPOs seen in India’s asset management space. The expected timeframe is the third quarter of the fiscal year 2026, that’s when everything can fit into place.

Heavyweights Join the Syndicate

The roster of banks sounds like a financial Avengers squad. ICICI Securities and Citi take the lead, followed by giants like Goldman Sachs, Morgan Stanley, Kotak Capital, and BofA Securities entering the fray. Include IIFL, Nomura, JM Financial, Motilal Oswal, Avendus, Nuvama, BNP Paribas, CLSA, and SBI Capital, and it is sure that this IPO is not playing small. The last time so many bankers joined forces was during the Bharti Infratel issue, which had 13. This one beats that.

On the legal front, the company is not leaving anything to chance either. All three of Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas, and Sidley Austin are on board.

Another Feather for the ICICI Group

The ICICI group already has a few listed members such as ICICI Prudential Life, ICICI Lombard, and ICICI Securities. With this upcoming debut, the group will yet again venture deeper into the public arena.