ICICI Prudential AMC
22 January 2026
ICICI Prudential AMC
IPru AMC is the 2nd largest AMC in India after SBI AMC in terms of QAAUM AUM, with ~13% market share, it is one of the oldest asset management companies in India, with a history of over 30 years in the industry. The AMC has 1.55 Cr customers as on Sept 2025.
The fund houses manages largest number of schemes in the industry with 143 schemes comprising 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 as on Sept 2025. They have a distribution network comprising 272 offices across 23 states and 4 UTs. Their mutual fund distributors (MFDs) consist of 110,719 institutional and individual MFDs, 213 national distributors and 67 banks (including ICICI Bank Limited).
Auditor: Walker Chandiok & Co LLP
BRLMs: MS, Citi, BofA, Axis Capital, Kotak, IIFL Capital, CLSA, Nomura, SBI CAPS, ICICI Sec, Goldman Sachs, Avendus, BNP Paribas, HDFC Bank, JM Financials, Motilal Oswal, Nuvama, UBS.
DRHP Filed On: July 8, 2025
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prepared for educational purposes. We (our team members, including our directors) may or may
not apply to IPO.
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Delta's View:
ICICI Prudential is a good company in a tailwind sector with a leadership position in different categories (top 3 player), but at the IPO ask valuation of 1.07 lakh Cr it’s priced in line with the peers at 40x Core P/E (TTM) and 11% M.Cap/AUM and doesn’t give much comfort to enter at this point in time. Based on the current GMP of ~5%, one can expect lo to moderate listing gains, provided the GMP sustains.
ICICI Prudential AMC is the 2nd largest AMC in terms of QAAUM and has been closing the gap with the largest player, SBI AMC over the years. They hold a market-leader position in equity and hybrid funds (13.6%) and continue to grow AUM at a high rate despite the large base. The IPO (complete OFS) is being done to provide a partial exit to Prudential Corporation, which holds 49% (ICICI Bank holds the remaining 51%) and plans to reduce its stake to 39% by selling 10% of the company to the public. With only 10% public shareholding post-IPO, ICICI or Prudential will need to sell more to meet SEBI’s 25% minimum public shareholding rule within 3 years, which could create an overhang on the share price.
- ICICI AMC is the market leader in equity & equity oriented AUM with 13.6% market share, other large players like SBI, HDFC are at 12.6% and 12.8% respectively and the remaining players at ~7% or below in the top 10 AMCs as on H1 FY 26. The top 5 schemes contribute >22% of the AUM for ICIC AMC.
- ICICI AMC is the 2n largest AMC in India in terms of Overall Mutual Funds AUM, second only to SBI AMC, this gap with SBI has been reducing over the years, based on the H1 FY 26 data, ICICI AMC’s QAAUM is at 10.14 lakh Cr and SBI AMC is at 11.99 lakh Cr.
- ICICI AMC’s AUM is heavily tilted towards Hybrid funds (mix of debt and equity), the share of hybrid funds as percentage of overall QAAUM is ~19% for ICICI Prudential AMC whereas the industry average is just 10%, ICICI is the market leader here with 25.8% market share in Hybrid AUM, the second and third largest players are HDFC and SBI AMC with 18.6% and 17.7% market share respectively (based on H1 26 data).
- Despite the size, the fund has grown QAAUM AUM at 33% CAGR over the last 2 years, lower only to Nippon AMC in the top 10 AMCs, the growth is higher than the industry avg growth rate of ~29%.
- The fee and commission expense for ICICI AMC is very high and has been increasing rapidly, increased form 95 Cr in FY 23 to 320 Cr in FY 25*. Since SEBI has already banned commissions from mutual fund books to ensure incentives are aligned for distributor and fund house, this commission fee is for other products like AIFs & PMS which have grown ~1.5x and ~5x respectively in the last 2 years*.
- The current *CIO Sankaran Naren has been at the AMC since 2004, he was promoted to CIO in 2011, and before this worked at HDFC Securities as COO, he's 59 years old, and there has bee news about his retirement.
Profile: https://www.linkedin.com/in/sankaran-naren-6003678/?originalSubdomain=in
- Naren is supported by Anish Tawakley (55), who oversees equity and has been with the AMC since 2016 and Manish Banthia (45), who manages debt and has been with the fund house since 2005. Anand Shah serves as CIO of PMS and AIF. He joined ICICI Prudential MF in 2022.
- Nimesh Vipinbabu Shah (54) is the MD & CEO. He is also the director at Association of Mutual Funds in India (AMFI).
Issue Details
Issue size of 10,602.65 Cr (complete OFS), promoter Prudential Corporate Holding selling partial stake.
Business Overview
Peer Comparison
P&L and AUM Split for ICICI AMC
Historical AUM figures for overall aum, equity oriented and hybrid for top 10 players.
Current split of Aum for top 10 players. (FY 25 data)
