SBI AMC and ICICI Prudential AMC are gearing up for their highly anticipated IPOs in 2025, marking a significant moment in India’s asset management industry. These IPOs present attractive opportunities for investors to tap into the fast-growing mutual fund sector, which remains a hot bet due to rising financial awareness and increasing participation from retail and institutional investors.
SBI AMC IPO: A Mega Listing in the Making
SBI Mutual Fund, India’s largest asset management company, is preparing to launch an IPO that could become one of the biggest public listings in recent years. Backed by the State Bank of India (holding 62.2%) and the France-based asset manager Amundi (36.5%), SBI AMC boasts a strong brand and a robust distribution network supported by SBI’s vast retail banking reach.
The AMC reported a profit after tax (PAT) of ₹2,062 crore in FY23, reflecting a healthy 55% year-on-year growth with assets under management (AUM) increasing by 32%. The IPO is expected to raise between ₹15,700 crore and ₹21,700 crore at a valuation ranging from ₹95,000 crore to ₹1,10,000 crore, traded at a price-to-earnings (PE) multiple of around 40x. However, the final timeline depends on regulatory approvals, particularly SEBI’s exemption from the mandatory public shareholding norms.
SBI AMC’s strong foothold in India’s asset management space, combined with technological investments and consistent profitability, makes this IPO a compelling long-term investment option, especially for those bullish on sector growth driven by increasing mutual fund penetration in India.
ICICI Prudential AMC IPO: Unlocking Value of a Trusted Brand
ICICI Prudential AMC, another heavyweight in the mutual fund industry, is set to raise approximately ₹10,000 crore through an offer for sale (OFS) in FY26. This AMC is a joint venture between ICICI Bank (51%) and UK-based Prudential Plc (49%), and manages a diverse portfolio ranging from equity and debt funds to portfolio management and alternative investment funds.
With over 14.6 million customers and a market share of about 13%, ICICI Prudential AMC has been a steady wealth-creator for investors for over three decades. Unlike SBI AMC, ICICI Prudential AMC’s IPO proceeds will go to the existing shareholders, aiming mainly to improve brand visibility and market liquidity.
The company has appointed an unprecedented 18 merchant bankers for this IPO, highlighting its significance and scale. Expected pricing is in the range of ₹450-₹500 per share, though the final details will follow SEBI’s approval and filings.
Why Asset Management Sector IPOs Are Hot Bets
The mutual fund industry in India is witnessing rapid growth, propelled by increasing financial literacy, expanding middle-class savings, and greater regulatory support. The sector’s assets under management are growing consistently, and companies like SBI AMC and ICICI Prudential AMC are industry leaders with strong earnings growth and scalable business models.
Investors see these IPOs as an entry point into a resilient, high-growth financial services segment that benefits from secular growth trends like SIP (Systematic Investment Plans) adoption and rising equity participation.