ICICI Prudential AMC, India’s largest active asset manager, is going big — really big. For its upcoming ₹10,000 crore IPO, the company has brought on board 18 merchant bankers, the most ever seen in a public issue in recent Indian market history.
This isn’t just another IPO. It’s the first mutual fund listing from the ICICI Group and the fifth AMC IPO in India. ICICI Prudential AMC has already filed its draft red herring prospectus (DRHP) with SEBI on July 8.
What makes this even more interesting is that only four bankers will earn fees. The rest? They get league table credit — which is a big deal in the investment world. It boosts their credibility and helps in future deals.
So why 18?
Sources say it’s about more than money. It’s about long-term relationships. ICICI has built trust with many of these firms over the years. Including them in this IPO was a gesture of respect and strategy.
The merchant banking team includes top global names like Goldman Sachs, Citi, and Morgan Stanley, as well as Indian giants such as Axis Capital, Kotak, SBI Capital, JM Financial, HDFC Bank, and ICICI Securities (which will lead the marketing).
But make no mistake — this is a 100% offer-for-sale (OFS). That means the money won’t go to the company. Instead, the full amount will go to UK-based Prudential Corporation Holdings Ltd, the selling shareholder.
Analysts are calling this IPO a prestige deal.
“It’s more about being part of something big than earning money,” said Arun Kejriwal of Kejriwal Research. He added that being seen on a high-profile issue like this boosts reputation.
In most IPOs, there’s something called the “left lead.” That’s the main banker who runs the show. The others play supporting roles — handling investor talks, doing paperwork, and spreading the word.
In this case, the 18 banks will be split into tiers. Top banks manage the big institutional investors. Others focus on smaller buyers. It’s a team effort, but with a clear pecking order.
Back to the company:
As of March 31, 2025, ICICI Prudential AMC managed ₹9.43 lakh crore in average assets, holding a 13.3% market share. That’s no small feat.
This IPO will test the market’s appetite — and the strength of those 18 bankers. But with a brand like ICICI behind it, and a booming mutual fund sector in India, expectations are high.
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