Mumbai / London | 6 December 2025
India’s primary market is heading into a blockbuster finish to 2025. On 6 December, UK-based Prudential plc confirmed that ICICI Prudential Asset Management Company (ICICI Prudential AMC) has filed its Red Herring Prospectus (RHP) for a much-awaited IPO slated to open on 12 December, while Brookfield-backed Clean Max Enviro Energy Solutions (CleanMax) prepares a ₹5,200‑crore public issue likely to open in the third week of the month. [1]
Together, the two offerings could raise well over ₹15,000 crore, anchoring a December IPO calendar that may cross ₹30,000 crore across roughly 25 issues, according to market estimates. [2]
Key Highlights
- ICICI Prudential AMC IPO
- RHP filed with the Registrar of Companies, SEBI, BSE and NSE on 6 December 2025. [3]
- Entirely an offer-for-sale (OFS) by Prudential Corporation Holdings; no fresh shares from the company or ICICI Bank.
- Prudential to sell about 10% stake, increasing the deal size to ~49 million shares after a bonus issue, up from an earlier plan of 17.7 million shares. [4]
- IPO window: 12–16 December 2025; anchor book on 11 December; proposed listing on 19 December on NSE and BSE. [5]
- Issue size is expected to be around ₹10,000–10,700 crore, implying a valuation of roughly $12 billion. [6]
- Price band and lot size have not yet been announced as of 6 December. [7]
- CleanMax Enviro Energy Solutions IPO
- Updated DRHP filed with SEBI; IPO likely to open in the third week of December 2025. [8]
- Total issue size ₹5,200 crore, including ₹1,500 crore fresh issue and ₹3,700 crore OFS by promoters and investors. [9]
- About ₹1,125 crore from the fresh issue earmarked for repayment or prepayment of borrowings; balance for general corporate purposes and growth. [10]
- India’s largest commercial & industrial (C&I) renewable energy provider with 2.54 GW operational capacity and 2.53 GW contracted capacity as of mid‑2025. [11]
- Market context
- December alone is expected to raise nearly ₹30,000 crore across around 25 IPOs, led by big-ticket names such as ICICI Prudential AMC, Meesho, CleanMax, Fractal Analytics and Juniper Green Energy. [12]
- So far in 2025, 94 mainboard IPOs have raised about ₹1.54 lakh crore, with December’s pipeline likely to push the full-year tally beyond last year’s record of around ₹1.6 lakh crore. [13]
ICICI Prudential AMC IPO: Structure, Timeline and Today’s Updates
What’s new on 6 December 2025?
On 6 December, Prudential plc announced that ICICI Prudential AMC has filed its RHP with the Registrar of Companies, Delhi and Haryana, as well as with SEBI, BSE and NSE — a key procedural step that effectively locks in the offer structure and timetable. [14]
According to the RHP details and regulatory filings:
- The IPO will consist entirely of an OFS by Prudential Corporation Holdings, with no new capital being raised by the AMC.
- The offer will amount to up to 9.91–10% of the company’s equity share capital, post-bonus issue. [15]
- The number of shares on offer has been increased to around 49 million (4.9 crore) from an earlier plan of 17.7 million, after the fund house issued bonus shares earlier this year. [16]
Prudential also reiterated that it is considering:
- A private sale of up to 2% stake in ICICI Prudential AMC to ICICI Bank, and
- A possible pre‑IPO placement to select institutional investors ahead of the issue, subject to market conditions. [17]
If both the 10% IPO and a full 2% private sale go through, Prudential’s holding could drop from 49% to around 37%, while ICICI Bank’s stake could rise from 51% to roughly 53%, though the final numbers will depend on how much is actually sold.
Offer structure and investor reservations
Moneycontrol’s breakdown of the draft documents indicates that: [18]
- The IPO is a pure OFS of about 4.89 crore shares, representing approximately 9.9% of paid‑up equity.
- Up to 24.48 lakh shares are proposed to be reserved for ICICI Bank shareholders.
- Post-listing, ICICI Prudential AMC will join ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities as another listed entity from the ICICI Group. [19]
The timeline, as reported by Business Standard and other outlets, is: [20]
- 11 December 2025 – Anchor book opens for institutional investors
- 12–16 December 2025 – IPO open for all categories
- 17 December 2025 – Basis of allotment expected to be finalised
- 19 December 2025 – Tentative listing date on NSE and BSE
The price band and lot size are still awaited and will determine the exact deal size; current street estimates peg the offer at around ₹10,000–10,700 crore, implying a valuation near $12 billion. [21]
Business profile: AUM leadership and profitability
ICICI Prudential AMC is already one of India’s most prominent fund houses:
- It manages around ₹10 trillion in assets, according to Economic Times reporting, making it the country’s largest AMC by “active” assets under management. [22]
- The fund house reported FY25 net profit of roughly ₹2,650 crore, up about 29% year‑on‑year, driven largely by higher fee and commission income. [23]
- For the six months ended September 2025, the AMC posted revenue of about ₹2,949 crore and profit of ₹1,618 crore, representing growth of ~20% and ~22%, respectively, versus the same period last year. [24]
- By quarterly average AUM (QAAUM), the company commands roughly 13.2% market share, making it the second-largest AMC in India by this metric. [25]
The business spans mutual funds, portfolio management services (PMS), alternative investment funds (AIFs) and advisory mandates, and benefits from the ICICI Bank franchise’s extensive distribution network. [26]
Competitive landscape and risks flagged in the RHP
The RHP and Prudential’s disclosures highlight several key risk factors for prospective investors: [27]
- Performance risk: Underperformance of mutual fund schemes, PMS or AIF portfolios could lead to AUM erosion and fee income pressure.
- Competition: The AMC faces intense competition from incumbents such as HDFC AMC, Nippon Life India AMC, UTI AMC, Aditya Birla Sun Life AMC, Canara Robeco AMC and Shriram AMC, as well as new entrants and low‑cost passive products.
- Regulatory & pricing pressure: Ongoing regulatory focus on mutual fund costs could cap expense ratios and compress profitability over time.
- Market cyclicality: A sharp market downturn could hurt both AUM and investor flows, impacting earnings.
For long‑term investors, the appeal of ICICI Prudential AMC lies in its scale, brand, high profitability and diversified revenue base, but the valuation versus listed peers will be crucial once the price band is announced.
CleanMax Enviro Energy IPO: ₹5,200‑Crore Green Energy Bet in the Third Week of December
Offer structure and use of proceeds
Clean Max Enviro Energy Solutions — better known as CleanMax — is preparing to tap markets with a ₹5,200‑crore IPO, after filing an updated DRHP with SEBI and receiving regulatory nod in November. [28]
According to the updated documents and multiple brokerage summaries: [29]
- Total issue size: ₹5,200 crore
- ₹1,500 crore fresh issue
- ₹3,700 crore OFS by promoters and existing investors (including BGTF One Holdings, KEMPINC LLP, Augment India and DSDG Holding).
- Primary use of funds:
- Around ₹1,125 crore to repay or prepay borrowings of CleanMax and its subsidiaries.
- Remaining proceeds for general corporate purposes and growth initiatives.
- The offer will include a reservation for eligible employees, who are expected to get a discount in the employee quota.
Industry and media reports indicate that the issue is likely to open in the third week of December 2025, with final dates and price band to be announced once the RHP is filed and roadshows firm up investor demand. [30]
Business model and operating scale
CleanMax is positioned as India’s largest C&I renewable energy provider, focusing on supplying power directly to corporate and industrial clients rather than relying primarily on utility‑scale government tenders. [31]
Key operating metrics from its DRHP and third‑party analyses include: [32]
- 2.54 GW of operational capacity (owned and managed) as of July 2025.
- 2.53 GW of contracted capacity under execution, giving strong medium‑term revenue visibility.
- Additional 5.07 GW of projects in advanced and under‑development stages.
- Presence across 21 Indian states and in international markets such as Bahrain, Thailand and the UAE.
- A focus on net‑zero and decarbonisation solutions for large corporates, including rooftop solar, open‑access wind and solar, hybrid projects and carbon credit solutions.
Financially, CleanMax has been in growth and deleveraging mode:
- Revenue from operations rose from about ₹1,425 crore in FY24 to roughly ₹1,610 crore in FY25, a growth of nearly 13%.
- The company turned from losses to a modest net profit in FY25, after several years of negative PAT. [33]
- Total borrowings stood near ₹8,000 crore as of March 2025, implying a debt‑to‑equity ratio of around 2.5x, highlighting the importance of using IPO proceeds to strengthen the balance sheet. [34]
For investors, CleanMax offers a pure‑play exposure to India’s C&I renewable energy and decarbonisation theme, but with higher leverage and execution risk than a mature financial services issuer like ICICI Prudential AMC.
December 2025 IPO Boom: Why These Two Deals Matter
The ICICI Prudential AMC and CleanMax offerings are centrepieces of a crowded December IPO calendar that is set to test the depth of domestic and foreign investor appetite.
According to data compiled by Times of India, Economic Times and India Today: [35]
- Around 25 IPOs are expected to hit the market in December 2025.
- These issues together could raise close to ₹30,000 crore.
- The five largest deals include:
- ICICI Prudential AMC – around ₹10,000 crore
- Meesho – about ₹5,400 crore
- CleanMax Enviro Energy Solutions – ₹5,200 crore
- Fractal Analytics – ₹4,900 crore
- Juniper Green Energy – ₹3,000 crore
Fortune India notes that 94 mainboard IPOs have already raised around ₹1.54 lakh crore so far in 2025, and with more than 15 additional issues planned for December, total fund‑raising could surpass last year’s record of ₹1.6 lakh crore. [36]
Bankers and market strategists see this as evidence of a structural bull market in primary issuances, underpinned by:
- Robust domestic liquidity, with monthly SIP flows of roughly ₹30,000 crore into mutual funds. [37]
- Strong corporate earnings and balance sheets.
- Institutional investors becoming more selective, rewarding quality issuers with strong governance and clear profitability.
How Investors Might Evaluate the ICICI Prudential AMC and CleanMax IPOs
While individual investment decisions depend on personal risk profile and advice from registered professionals, here are some broad lenses through which sophisticated investors are likely to view these two deals.
1. Business quality and visibility
- ICICI Prudential AMC
- Asset‑light, fee‑based model with high operating leverage.
- Strong brand, diversified product suite and deep distribution via ICICI Bank.
- High return on equity and consistent profitability even through market cycles. [38]
- CleanMax
- Asset‑heavy infrastructure model; revenues backed by long‑term PPAs (average tenure around the low 20‑year mark, according to DRHP‑based commentary). [39]
- Positioned on the right side of the energy transition, with corporates increasingly committing to net‑zero targets.
- However, cash flows are sensitive to project execution, counterparty behaviour and regulatory changes in open‑access and green power policies.
2. Balance sheet and leverage
- ICICI Prudential AMC carries minimal balance‑sheet risk, with business growth linked more to AUM and flows than to debt.
- CleanMax currently has elevated leverage (debt/equity ~2.5x), and a key part of the IPO story is deleveraging and funding future capex more prudently. [40]
3. Valuation and peer comparison
For ICICI Prudential AMC, investors will likely compare the implied price‑to‑earnings (P/E) and price‑to‑AUM ratios with those of listed AMCs like HDFC AMC, Nippon Life India AMC, UTI AMC and Aditya Birla Sun Life AMC. [41]
For CleanMax, the lens will be:
- Enterprise value (EV) relative to installed and pipeline capacity,
- EV/EBITDA versus other green energy names such as Adani Green, NTPC Green Energy and ReNew, and
- The trajectory of margin expansion and debt reduction post‑issue. [42]
With IPO listing gains in 2025 reportedly moderating from ~30% in earlier years to single‑digit percentages on average, valuations are likely to be a decisive factor in subscription quality for both deals. [43]
4. Demand-supply dynamics in a crowded month
The sheer number of December IPOs means investor capital will be spread across multiple offerings:
- A heavily oversubscribed Meesho or Aequs, for instance, could temporarily absorb retail and HNI liquidity, potentially affecting subscription momentum for subsequent deals. [44]
- On the institutional side, large long‑only funds may prioritise high‑quality, scaled businesses like ICICI Prudential AMC, while taking a more selective approach to capex‑heavy names such as CleanMax.
For both issuers, a well‑timed anchor book and realistic pricing will be critical to ensure smooth execution in a crowded calendar.
What to Watch Next
Over the coming days, key milestones to track include:
- Announcement of price bands and lot sizes
- These will determine the final implied valuations and minimum ticket sizes for retail investors.
- Anchor investor line‑up on 11 December (ICICI Prudential AMC)
- Strong participation from marquee global and domestic institutions would be seen as a vote of confidence in both the issuer and the pricing.
- Finalisation of CleanMax IPO dates
- Confirmation of bidding window, along with any changes in offer size or OFS composition.
- Grey market activity and analyst notes
- While grey market premium (GMP) is only one noisy indicator, early trend lines and broker research will further shape sentiment. As of early 6 December, formal GMP tracking sites were still awaiting active quotes for ICICI Prudential AMC due to the absence of a declared price band. [45]
- Broader market conditions
- Sharp moves in benchmark indices or global risk‑off events could influence both subscription and listing performance across December IPOs.
Bottom Line
As of 6 December 2025, the ICICI Prudential AMC IPO is now formally on the runway for a 12 December launch, with a large, all‑OFS deal that offers investors a stake in one of India’s most profitable and sizable asset managers — but at a valuation that will be closely scrutinised once the price band is revealed. [46]
Close on its heels, CleanMax Enviro Energy’s ₹5,200‑crore IPO aims to monetise India’s accelerating corporate decarbonisation push while cleaning up a leveraged balance sheet, giving investors a high‑growth but higher‑risk renewable energy opportunity. [47]
For investors, the message from market experts is clear: in a record year of IPO issuance with moderating listing pops, valuation, governance and long‑term business quality matter far more than hype. Thoroughly reading the RHPs and consulting a SEBI‑registered advisor before applying is essential — especially when two of December’s biggest deals are competing for attention in the same fortnight.
References
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