ICICI Prudential Asset Management Company plans a $1.2 billion IPO in the second week of December, targeting a valuation near $12 billion.

Market optimism and a favorable macro backdrop are aiding IPO activity in India.

The asset manager had issued bonus shares earlier in the year, increasing its outstanding shares.

Eighteen investment banks are involved in managing the IPO process.

Prudential will sell up to 49 million shares in the IPO, far above an earlier plan of 17.7 million shares.

The stock is expected to list on Indian exchanges on December 19.

The IPO is a three-day sale opening on December 12, with anchor investors bidding on December 11.

The IPO is a joint venture between ICICI Bank (51%) and Prudential (49%), with Prudential's subsidiary selling up to 10% of its stake.

Prudential Corporation Holdings plans to sell up to 2% of its asset manager stake to ICICI Bank ahead of the IPO, as part of the agreement between the groups.

ICICI Prudential Asset Management was formed as a joint venture, and the filing signals ongoing liquidity for Prudential through the stake sale.

India’s IPO market in 2025 is robust, having raised more than $16 billion and making India the world’s third-largest IPO market by Dealogic.

ICICI Prudential Asset Management manages about 10 trillion rupees (~$112 billion), with profit for the year ended March 2025 rising 29.3% to 26.6 billion rupees, supported by fees and commissions.

Regulator approval for the public offer documents is reportedly in place, with the firm eyeing a listing in the third week of December after final formalities.

Reuters had previously reported a target valuation of about $12 billion and a deal size around $1.2 billion.