Setting a new standard in India’s primary market, ICICI Prudential Asset Management Company has hired a record 18 merchant bankers for its impending IPO, the most of any Indian public offering in recent memory.
Industry insiders said that although merchant bankers were very interested in the Rs 10,000-crore offer because of its size and brand prestige, the company also sought to accommodate as many as possible because of long-standing ties. Nevertheless, this expansion is free of charge because, under the issue structure, all 18 bankers receive league table credit, which is a significant currency in the world of investment banking, while only four bankers will receive fees.
The problem
It promotes their banker qualifications and aids in the growth of businesses. Everyone wants to be involved in this issue because of this,” a source with knowledge of the subject stated. The individual went on to say, “They wanted to accommodate as many as possible because ICICI has strong relationships with many of these banks and receives support on distribution too.”
On July 8, the AMC submitted its draft red herring prospectus (DRHP) to SEBI. Leading Indian companies including Axis Capital, Kotak Investment Banking, SBI Capital Markets, JM Financial, and HDFC Bank are part of the syndicate, along with well-known international names like Citi, Morgan Stanley, and Goldman Sachs. The sole responsibility for overseeing the issue’s marketing has been given to ICICI Securities.
Prudential Corporation Holdings Ltd., a UK-based promoter, is making a 100% offer-for-sale (OFS) in the IPO. The selling shareholder will receive the full amount; ICICI Prudential AMC will not receive any proceeds.
IPOs with the most lead managers (R)
More merchant bankers were appointed by this listing than by any other initial public offering (IPO) in the previous two years. HDB Financial Services previously held the record with 12 bankers for its June 2025 initial public offering (IPO), followed by Schloss Bangalore (Leela Hotels) with 11, JSW Infrastructure, and Ola Electric with 8. Notably, just four lead managers were recruited by NTPC Green Energy, which also had an issue size of Rs 10,000 crore.
“There’s also the prestige factor,” said Arun Kejriwal, founder of Kejriwal Research and Investment Services. “Since it’s coming from ICICI, everyone wants to be involved. It’s more about being seen on the deal than the economics,” he added.
According to another IPO expert, IPOs typically follow the ‘left lead’ principle. “The first-named bankers lead the process, while the rest support with investor marketing, documentation, and compliance,” the person said.
Each banker is given a subscription quota and categorized into tiers according to their duties in these multi-bank transactions. While some Tier-1 bankers concentrate on various investor sectors to guarantee widespread distribution and participation, others coordinate allocations and institutional bids.
“It’s a big issue, and it should do well and draw good interest,” Kejriwal stated.
The first mutual fund IPO from the ICICI Group and the sixth AMC listing overall would be ICICI Prudential AMC, which is currently the biggest active asset manager in India based on assets under management. The corporation had a 13.3% market share as of March 31, 2025, with a quarterly average AUM of Rs 9.43 lakh crore.
