Shardul Amarchand Mangaldas & Co. Advised Book Running Lead Managers On ₹10,602 Crore IPO Of ICICI Prudential Asset Management Company Limited
Shardul Amarchand Mangaldas & Co. advised Book Running Lead Managers on ₹10,602 crore IPO of ICICI Prudential Asset Management Company Limited
The leading law firm in India, Shardul Amarchand Mangaldas & Co. (“SAM”) acted as Indian legal counsel to the 18-banks syndicate on the initial public offering of ICICI Prudential Asset Management Company Limited (“ICICI Prudential AMC”), comprising an offer for sale of equity shares aggregating to ₹10,602 crore (approx. USD 1.20 billion) by Prudential Corporation Holdings Limited, the promoter selling shareholder (“IPO”). The equity shares of ICICI Prudential AMC were listed on BSE Limited and the National Stock Exchange of India Limited on December 19, 2025.
The syndicate for the IPO—the largest ever for an Indian IPO—comprised Citigroup Global Markets India Private Limited, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, BofA Securities India Limited, Avendus Capital Private Limited, Axis Capital Limited, BNP Paribas, CLSA India Private Limited, HDFC Bank Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), JM Financial Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, and UBS Securities India Private Limited.
The IPO witnessed strong investor demand, closing with an overall subscription of 39.17x across categories. As of September 30, 2025, ICICI Prudential AMC was the largest asset management company in India by active mutual fund quarterly average assets under management, with a market share of 13.3%, and the most profitable AMC in the country in terms of operating profit before tax for FY 2025.
The SAM team advising on the transaction was led by Nikhil Naredi (Partner) and Abhiroop Amitava Datta (Partner); and included Harsh Loonker (Principal Associate), Debolina Mitra (Senior Associate), Niharika Payannavar (Associate), and Najeeb Din (Associate), with Sridutt Mishra (Senior Associate) and Arjun Bhatia (Associate).
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