ICICI Prudential AMC, Annu Projects, Technocraft Ventures & Powerica get SEBI nod for IPOs

Four companies — ICICI Prudential Asset Management Company Ltd, Annu Projects Ltd, Technocraft Ventures Ltd and Powerica Ltd — have received final approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs), marking a fresh round of activity in India’s primary markets.
ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Corporation Holdings Limited operating since 1998, received SEBI’s final nod for its IPO. The company had filed its IPO papers with SEBI on July 8, 2025.
The IPO comprises an offer for sale (OFS) by promoter Prudential Corporation Holdings. As of the date of the red herring prospectus (RHP), the company’s issued, subscribed, and paid-up share capital stood at 17,652,090 shares of ₹1 each. Upon completion of the proposed bonus issuance (if undertaken), the equity share capital is expected to increase from 176,520,900 shares to 494,258,520 shares, also of ₹1 face value. Post-bonus, the number of offered shares by Prudential Corporation Holdings will be up to 49,425,852 shares.
According to a CRISIL report, ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund quarterly average assets under management (QAAUM) with a market share of 13.3% as of March 31, 2025. The company’s total mutual fund QAAUM stood at ₹8,79,410 crore as of the same date.
It also held the highest market share in equity and equity-oriented schemes QAAUM at 13.4%, and led the equity-oriented hybrid schemes with a 25.3% market share across the mutual fund industry. Its mutual fund monthly average assets under management (MAAUM) attributable to individual investors was ₹5,65,820 crore, representing the highest individual investor MAAUM market share of 13.8%.
Beyond mutual funds, ICICI Prudential AMC has a growing alternates business that includes portfolio management services (PMS), alternative investment funds (AIFs), and advisory services to offshore clients.
The company’s revenue from operations rose to ₹4,977.3 crore in FY25 from ₹2,837.4 crore in FY23, while net profit increased to ₹2,650.6 crore from ₹1,515.8 crore during the same period.
Annu Projects, an EPC company specialising in overhead and underground utilities infrastructure including telecom cabling, sewerage, and gas pipelines, filed its draft IPO papers with SEBI on June 27, 2025. The proposed IPO consists of a fresh issue of up to 2.20 crore equity shares with a face value of Rs 10 per share. There is no offer-for-sale component in the draft. Financials show revenue of Rs 155.42 crore and net profit of Rs 17.39 crore for FY24, up from Rs 7.19 crore in FY23.
Technocraft Ventures filed its DRHP with SEBI on August 8, 2025. The IPO will include a fresh issue of up to 95.05 lakh equity shares and an offer-for-sale of up to 23.76 lakh shares by promoters. The shares have a face value of Rs 10 each. The fresh proceeds will be used primarily for working capital and general corporate purposes. Technocraft is engaged in wastewater treatment, sewerage infrastructure, and urban utilities EPC services. Post-IPO, its share capital will increase from approximately 3.01 crore to 3.96 crore shares.
Powerica, a power solutions company manufacturing diesel generators, acoustic enclosures, control panels, and operating in the wind power sector, also secured SEBI approval for its IPO. Earlier filings indicated a proposed total issue size of about Rs 1,400 crore, split evenly between fresh issue and offer-for-sale by promoters. Final pricing and other IPO details are yet to be announced.
With SEBI approvals now in place, these companies can proceed to file their red herring prospectuses, announce price bands, bidding dates, and lot sizes. The IPO window for these offerings is expected to open shortly, adding to the pipeline of primary market issues in 2025.
Book Running Lead Managers for ICICI Pru: ICICI Securities, Citigroup Global Markets India, Morgan Stanley India, BofA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Goldman Sachs (India), Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management, UBS Securities India.
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