ICICI Prudential AMC raises ₹3,021 cr from anchor investors ahead of IPO

ICICI Prudential Asset Management Company (ICICI Pru AMC) has raised Rs 3,021 crore from 149 anchor investors ahead of its initial public offering (IPO). The asset manager allotted 13.96 million shares at Rs 2,165 apiece, the upper end of the price band.

 

The anchor book saw strong participation from sovereign wealth funds, global long-only investors, mutual funds, pension funds and insurance companies. Among the top allottees were Aranda Investments, Zulia Investments, Life Insurance Corporation of India (LIC) and Capital Group Global. Leading domestic mutual funds, including HDFC Mutual Fund (through multiple schemes), SBI Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund, also secured significant allocations.

 

ICICI Prudential AMC has priced its Rs 10,600-crore IPO in the range of Rs 2,061–2,165 per share. At the upper end of the band, the country’s largest asset manager will command a valuation of around Rs 1.07 trillion. The issue is entirely an offer for sale (OFS) by UK-based Prudential Plc, its joint venture partner.

 

Earlier, the British insurer sold a 4.5 per cent stake in ICICI Prudential AMC for Rs 4,900 crore through a pre-IPO placement. ICICI Bank, the Indian joint venture partner, purchased shares worth Rs 2,225 crore. Other prominent buyers included the Abu Dhabi Investment Authority and the family offices of Azim Premji and Rakesh Jhunjhunwala.