ICICI Prudential AMC Pre-IPO: Rs 4,815 Cr Raised

New Delhi, Dec 11 (PTI) As many as 26 domestic and foreign investors have infused Rs 4,815 crore into ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, through a pre-IPO funding round.

As part of this transaction, the asset management company undertook a private placement of 22,240,841 equity shares at an issue price of Rs 2,165 per share, according to its public announcement on Wednesday.

This substantial fundraise drew participation from a diverse set of investors, including Lunate Capital, the Estate of late Rakesh Jhunjhunwala, The Regents of the University of California - IIFL Asset Management, Sarv Investments, 3P India Equity Fund, managed by Prashant Jain, PI Opportunities Fund - II, 360 One Funds, Whiteoak Capital, HCL Capital, and market veterans Manish Chokani and Madhusudan Kela.

In addition to these institutional and individual investors, several insurance companies, such as SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life, Bajaj Life, TATA AIG, and Go Digit General Insurance, also participated in the pre-placement.

Other investors included Kedaara Capital Public Markets Fund, TIMF Holdings, Malabar India Fund, and Clarus Capital I, further broadening the investor mix.

Alongside external investors, ICICI Bank itself invested Rs 2,140 crore to acquire an additional 2 per cent stake in the asset management company.

With the pre-IPO round completed, the company is now gearing up for its Rs 10,602-crore maiden public offering, which will open on December 12 and close on December 16, with anchor bidding scheduled for later in the day.

ICICI Prudential AMC has set a price band of Rs 2,061-2,165 per share for the issue, valuing the company at about Rs 1.07 lakh crore (USD 11.86 billion).

The IPO will be an entirely offer-for-sale (OFS) of over 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings, meaning the company will not receive any proceeds from the offering.

Currently, ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent.

Once listed, ICICI Prudential AMC will become the fifth asset management firm to debut 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 be the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.

The company is scheduled to make its stock market debut on December 19.