ICICI Prudential AMC appoints record 18 merchant bankers for Rs 10,000-crore IPO
ICICI Prudential Asset Management Company has appointed a record 18 merchant bankers for its upcoming IPO — the highest for any Indian public issue in recent times — setting a new benchmark in India’s primary market.
While the Rs 10,000-crore issue’s size and brand prestige drew strong interest from merchant bankers, the company also wanted to accommodate as many as possible due to long-standing relationships, say industry insiders. However, this expansion comes at no additional cost: under the issue structure, only four bankers will earn fees, but all 18 get league table credit — a valuable currency in the investment banking world.
The issue
“It pushes their credentials as bankers and helps in business development. That’s why everyone wants to be part of this issue,” said a person familiar with the matter. “Since ICICI has strong relationships with many of these banks and receives support on distribution too, they wanted to accommodate as many as possible,” the person added.
