ICICI Prud.Asset Man

Updates throughout with bids, comment, background

By Vivek Kumar M

July 15 (Reuters) - India's SBI Funds Management saw its $1.03 billion initial public offering (IPO) fully subscribed on the second day of bidding on Wednesday, as investors endorsed the asset manager's extensive distribution network and the potential of the country's expanding mutual fund market.

SBI Funds Management, a joint venture between the country's largest lender State Bank of India (SBI) SBI.NS and Europe's biggest asset manager Amundi AMUN.PA, managed funds worth 12.5 trillion rupees ($131 billion) as of March 2026.

The IPO, which values India's largest asset manager at 1.17 trillion rupees, or 38 times its 2026 earnings per share, has drawn bids for around 212 million shares against 124.56 million on offer, as of 1:33 p.m. IST, exchange data showed.

Retail investors bid for 68 million shares, 1.26 times the shares set aside for them.

Before the IPO's public launch, the company secured $278.5 million from institutional investors , including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway.

The IPO will close for subscription on Thursday, and the shares are expected to begin trading on July 21.

Analysts said the company's strong presence beyond major cities positions it to benefit from rising retail participation in mutual funds with 64 consecutive months of inflows through June 2026.

Smaller cities are contributing more heavily to growth in assets under management for fund managers, and that puts SBI Funds Management in a strong position, said Ambareesh Baliga, a Mumbai-based market analyst.

SBI Funds Management can also draw on the State Bank of India's wide distribution network.

The IPO, India's largest so far in 2026, follows a subdued first half for primary market fundraising as a spike in crude oil prices driven by the Iran war raised growth concerns in Asia's third-largest economy.

India is expected to see a busy pipeline of public offerings in the second half of the year, with mega listings from Reliance Jio and National Stock Exchange expected before the end of 2026.

($1 = 96.2300 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Rashmi Aich and Andrei Khalip)

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July 13 (Reuters) - ICICI Prudential Asset Management Company Ltd IICL.NS:

• ICICI PRUDENTIAL AMC JUNE-QUARTER PROFIT 9.65 BILLION RUPEES

• ICICI PRUDENTIAL AMC JUNE-QUARTER REVENUE FROM OPERATIONS 15.64 BILLION RUPEES

Source text: ID:nBSE3y0Clm

Further company coverage: IICL.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, July 8 (Reuters Breakingviews) - India has survived a massive withdrawal of hot overseas money. In fact, the domestic stock market barely flinched. Now falling oil prices and a search for shelter from AI exuberance are luring foreigners back in after they pulled out a record $48 billion over the past year and a half. But bargains may prove scarce thanks to local mom-and-pop investors setting a firm floor for valuations.

Granted, perceptions of the country being an AI laggard and a major economic victim of the Iran war precipitated a 15% drop in the Nifty 50 index .NSEI in the first three months of the year. A partial recovery since leaves the metric essentially flat over the past 12 months. Now global funds are returning, if gingerly, investing a net $401 million into Indian equities in the first week of July.

They're coming back to valuations that have barely budged. The MSCI India index .MIIN00000PIN is trading at 20 times forward earnings, on a par with its 10-year average. That's due in large part to the 335 billion rupees ($3.5 billion) of monthly inflows that retail investors pour into equity and hybrid schemes of local asset managers, fuelled partly by a wildly successful decade-long industry publicity campaign.

It's some comfort for companies planning mega initial public offerings this year, from Reliance Industries' RELI.NS telecom business Jio Platforms to bourse operator National Stock Exchange. What appears to be stable and sizeable domestic interest in equities boosts issuers' bargaining power against domestic money managers like State Bank of India-backed SBI.NS SBI Funds and $17 billion ICICI Prudential Asset Management IICL.NS, which are under pressure to swiftly deploy chunks of the inflows they receive. The combined $7 billion the two companies seem likely to raise is equivalent to two months of equity fund inflows.

To be sure, there were some cracks in retail confidence too. Months of poor returns, as well as the Middle East conflict, pushed inflows to a one-year low in May. Earnings at Nifty 50 companies, which Kotak Institutional Equities estimates grew 8% during the financial year ended March 31, may test the patience of investors used to double-digit increases.

Ultimately, tight capital controls put a lid on domestic money leaving the country, and Indian savers no longer like low-yielding bank deposits. Combined with a more sizeable return of foreign cash, that could yet push stocks up. But locals' ability to roll with the punches is a victory in itself.

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CONTEXT NEWS

Foreign investors pumped a net $401 million into Indian equities during the first five sessions of trade in July, showed data from NSDL.

(Editing by Antony Currie; Production by Ujjaini Dutta)

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June 5 (Reuters) - India's ICICI Prudential Asset Management Company IICL.NS said on Friday it has temporarily restricted subscriptions in its gold exchange-traded fund (ETF).

• The company said it will not accept direct subscriptions of more than 250 million rupees ($2.63 million) in the ETF until further notice. It did not mention a reason for the restriction.

• On Thursday, peer HDFC Mutual Fund also restricted lump-sum, or one-time, subscriptions in its gold ETFs, citing market conditions as strong demand for gold amid geopolitical uncertainty drives up inflows into such funds.

• Large inflows can be difficult for gold ETFs to absorb during periods of heavy demand.

• Indian gold ETFs have attracted net inflows of $3.48 billion so far this year.

($1 = 94.9450 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema)

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June 3 (Reuters) - ICICI Prudential Asset Management Company Ltd IICL.NS:

• ICICI PRUDENTIAL ASSET MANAGEMENT CO- SEBI ISSUES ADMINISTRATIVE WARNING ON INVESTOR COMPLAINT

Source text: ID:nBSE5BBRRy

Further company coverage: IICL.NS

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May 17 (Reuters) - Prudential PRU.L on Sunday said it has agreed to acquire a 75% stake in Bharti Life Insurance Company, from Bharti Life Ventures and 360 ONE Asset Management ONEW.NS, as part of a strategic repositioning of its India operations.

• Prudential said it will acquire a controlling stake in Bharti Life Insurance for initial cash consideration of 35 billion rupees ($364.74 million), payable on completion. An additional 7 billion rupees is potentially payable on the fulfillment of certain conditions that the Hong Kong and London-listed insurer did not specify.

• Upon completion of the deal, Prudential said its Indian operations will consist of majority-owned Bharti Life Insurance and Prudential HCL Health Insurance, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management Company IICL.NS and 22% in ICICI Prudential Life Insurance Company ICIR.NS.

• Prudential is required to reduce its shareholding in ICICIPru Life to under 10% to secure regulatory approval for the deal, the company said, adding that it is engaging with regulatory authorities on this process.

• The deal is a strategic move to secure majority ownership of a life insurance business in India, a highly attractive market for Prudential, and enables the insurer to work closely with Bharti Enterprises' other businesses and related entities, the statement added.

• Bharti Life will also look into securing strategic distribution agreements with Bharti Airtel BRTI.NS and 360 ONE as part of the deal, the statement said.

($1 = 95.9600 Indian rupees)

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Chizu Nomiyama )

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April 13 (Reuters) - ICICI Prudential Asset Management Company Ltd IICL.NS:

• ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD- DIVIDEND 12.4 RUPEES PER SHARE

Source text: ID:nnAZN4SQJVB

Further company coverage: IICL.NS

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Feb 11 (Reuters) - HDFC Bank Ltd HDBK.NS:

• HDFC BANK - RBI APPROVES ICICI AMC TO BUY UP TO 9.95% IN HDFC BANK

Source text: ID:nBSEwPH7q

Further company coverage: HDBK.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 8 (Reuters Breakingviews) - India's sizzling market for initial public offerings is sparking friction. Fund managers including Aberdeen ABDN.L, Capital and the asset management business of Nomura quietly boycotted e-commerce retailer Meesho's MEES.NS market debut in December after a unit of State Bank of India SBI.NS grabbed a hefty slice of the 54.2 billion rupees ($596 million) deal reserved for anchor investors. The standoff highlights growing pains within the country's $900 billion mutual fund industry.

SBI Funds Management, which oversees $139 billion of assets, picked up about a quarter of the shares Meesho offered to anchor investors, IFR reported at the time. That's more than twice the share a single buyer typically gets in a large offering. Among others walking out in protest were Norway's Norges Bank Investment Management and Nippon Life India as well as SBI compatriot ICICI Prudential Asset Management IICL.NS. For the issuer, a fight to own its stock is not a problem.

It does suggest a mismatch, however. SBI, which runs its investment unit in partnership with France's Amundi AMUN.PA, sweeps up roughly 15% of the 299 billion rupees ($3.32 billion) the industry gets every month in subscription payments towards equity funds, known as systematic investment plans. Inflows are set to increase as Indians become more affluent and move more of their money from bank deposits to the financial markets. SIPs, for example, are growing 25% annually, per Crisil Intelligence. And because of capital controls, Indians' growing wealth is largely captive to the domestic financial markets.

Large IPOs provide an easy opportunity to put that money to work because they let asset managers buy large chunks of stock in one shot, typically not an option with already listed companies. Trouble is, the amount of equity capital raised in IPOs and private placements is far more uneven than SIPs' growth. Proceeds last year were $55 billion, 20% below the 2024 tally, per Dealogic data. Analysts at Axis Capital expect demand for stock to overshoot supply in the next financial year.

That means more Meesho-style tussles between investors are likely. In the short term, that might push up valuations - shares in Meesho have jumped 64% since last month's IPO. Longer term, unless the supply of quality companies - and future earnings power - keeps up with the pace of financialisation, asset prices risk getting inflated. The Meesho spat is an early sign of potential distortions.

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CONTEXT NEWS

Major Indian and global asset managers boycotted the anchor tranche of Indian e-commerce company Meesho's 54.2 billion rupees initial public offering in protest at what they saw as an unfairly generous allocation to SBI Funds Management, IFR reported on December 5, citing unnamed people familiar with the transaction.

Aberdeen, Capital, Norges Bank Investment Management, Nomura Asset Management and mutual fund units of asset managers ICICI Prudential and Nippon India were among those that chose to withdraw from the anchor tranche rather than get fewer shares than they wanted, the report added.

Funds managed by SBI were allotted around 24.6% of shares in Meesho offered to anchor investors, according to the company's filings with stock exchanges.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Adds details throughout

By Vivek Kumar M

Dec 19 (Reuters) - Shares of ICICI Prudential Asset Management Company IICL.NS surged 23% on their trading debut on Friday, giving India's second-largest asset manager a market valuation of $14.4 billion, as investors pinned hopes on robust domestic capital flows in Asia's third-largest economy.

This makes the company India's most valuable listed asset manager, ahead of HDFC Asset Management HDFA.NS and Nippon Life India Asset Management NIPL.NS, which are valued at $12.8 billion and $6.3 billion, respectively.

ICICI Prudential Asset Management's shares rose to as much as 2,663.40 rupees on the National Stock Exchange of India against their issue price of 2,165 rupees. India's benchmark Nifty 50 was up 0.5%.

The asset manager is a joint venture between India's second largest private lender ICICI Bank ICBK.NS and British insurer Prudential PRU.L.

Its $1.2 billion IPO, which garnered bids worth $33 billion earlier this week to become the fourth most subscribed Indian IPO, will close what will be a record year for India's primary market.

More than 350 companies have raised $21.6 billion through IPOs in India so far in 2025, surpassing the previous year's $20.5 billion, as per LSEG data.

Brokerage Prabhudas Lilladher has initiated coverage on the stock with a "buy" rating, citing strong parentage and superior equity yields.

ICICI Prudential Asset Management's higher exposure to equity mutual funds makes it an attractive bet, analysts said.

The firm had assets under management of about 10 trillion rupees ($111 billion).

($1 = 90.0380 Indian rupees)

($1 = 90.0025 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Janane Venkatraman and Mrigank Dhaniwala)

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