ICICI Pru AMC IPO: Shah bets on volume for India's "infinite market"

• Nimesh Shah (ICICI Pru AMC) views India's middle-class market as "infinite" for low-cost products, prioritizing volume and scale over high margins for sustainable growth.
• Despite flat operating margins, ICICI Pru AMC's overall profitability has grown due to strong sales, investor flows, and a focus on customer experience.
• The AMC's strategy includes counter-cyclical dynamic asset allocation products, and its reported margins are an aggregate of various fund types with different margin profiles.
• ICICI Prudential AMC's IPO, a 100% offer for sale, opens December 12, with a price band of ₹2,061–2,165, valuing the company at approximately ₹10,600 crore.
• The company demonstrates strong financial performance with significant profit and revenue growth, holding a 13.2% market share and managing 143 mutual fund schemes.

Why It Matters: Low-cost products unlock India's 'infinite' middle-class market potential.