ICICI Prudential Asset Management Company Limited is the largest asset management company in India in terms of active mutual fund quarterly average assets under management ('QAAUM') with a market share of 13.3% as of September 30, 2025 (as per CRISIL Report). As of September 30, 2025, their total mutual fund QAAUM was Rs 10,147.6 billion. As of September 30, 2025, they were the largest asset management company in terms of Equity and Equity Oriented QAAUM with market share of 13.6% (as per CRISIL Report). As of September 30, 2025, their mutual fund monthly average asset under management ('MAAUM') attributable to individual investors (comprising retail investors and high-net-worth individuals) ('Individual Investors') was Rs 6,610.3 billion. This represented the highest Individual Investor MAAUM in the Indian mutual fund industry with a market share of 13.7% (as per CRISIL Report). In addition to the mutual fund business, they also have a growing alternates business comprising portfolio management services ('PMS'), management of alternative investment funds ('AIFs') and advisory services to offshore clients (PMS, AIF and advisory, collectively 'Alternates'). Company delivers a range of investment products across multiple financial asset classes, to address a diverse spectrum of the clients' objectives and risk appetites, from income accrual to long-term wealth creation. They manage the largest number of schemes in the mutual fund industry in India as of September 30, 2025, 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. Generally, Equity and Equity Oriented Schemes have a higher fee structure as compared to non-equity oriented schemes. As of September 30, 2025, the Equity and Equity Oriented Schemes account for 55.8% of the total mutual fund QAAUM. Company offers a suite of investment products and advisory services under the Alternates business which caters to the preferences of Individual Investors and institutional investors (comprising banks, insurance companies, corporates, and government entities, collectively, 'Institutional Investors'). The Alternates investment product portfolio includes, equity-focused PMS and AIFs, private credit, long-short strategies and office yield funds, which has a QAAUM of Rs 400.2 billion, as of September 30, 2025. Equity-focused PMS and AIFs invest in companies of various sizes and follow a range of investment strategies. They also provide investment advisory services as part of the offshore advisory business and are currently advising Eastspring Investments ('Eastspring'), Prudential plc's ('Prudential') asset management arm, on select equity and debt products which are distributed across markets such as Japan, Taiwan, Hong Kong and Singapore. As of September 30,2025, assets under the advisory services amounted to Rs 329.1 billion. As of September 30, 2025, the Alternates QAAUM amounted to Rs 729.3 billion. For the month of September 2025, their flow from systematic investment plans ('SIPs') and systematic transfer plans('STPs') was Rs 48.03 billion (SIPs and STPs together are referred to as 'Systematic Transactions'). As of September 30, 2025, they have established a pan-India distribution network comprising 272 offices across 23 states and four union territories. The distribution model is targeted to be balanced and multi-channelled, encompassing both physical and digital platforms, and is supported by the salesforce. As of September 30, 2025, the mutual fund distributors ('MFDs'), consisted of 1,10,719 institutional and individual MFDs, 213 national distributors and 67 banks (including ICICI Bank Limited). They leverage the extensive distribution network of ICICI Bank Limited (the 'ICICI Bank'), one of the Promoters and a registered mutual fund distributor, which had 7,246 branches across India as of September 30, 2025. As of September 30, 2025, MFDs, national distributors, direct sales, ICICI Bank and other banks was 37.7%, 15.8%, 27.1%, 8.3% and 11.1% respectively, of the Equity and Equity Oriented Schemes QAAUM. As per financial performance, ICICI Prudential Asset Management Company Limited has posted total income / net profits of Rs 2,838.35 Cr / Rs 1,515.78 Cr (FY23), Rs 3,761.21 Cr / Rs 2,049.73 Cr (FY24), Rs 4,979.67 Cr / 2,650.66 Cr (FY25) and Rs 2,949.38 Cr / 1,617.74 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 45.7 and average RoNW of 79.40% for last three fiscals. Issue is priced at a P/BV of 27.30 as per NAV of Rs 79.3/- as on 30.09.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around 52.21, 40.37, 36.38 and 33.07 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, CLSA India Private Limited, IIFL Capital Services Limited, Kotak Mahindra Capital, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, BNP Paribas, HDFC Bank Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, UBS Securities India Private Limited IPO are associated with this IPO, and has handled 468 IPOs in last three fiscal years. ( As on 08.12.25 ) As per financials, ICICI Prudential Asset Management Company Limited has shown good growth, RoNW is 82.80% and P/E is 52.21, 40.37, 36.38 and 33.07 respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks fully priced. Company is in business of financial asset management, which is highly competitive business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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