ICICI Prudential AMCs IPO, valuing the company at Rs 1.07 lakh crore, puts it nearly level with HDFC AMC, reflecting its rise as a co-leader in Indias fast-growing asset management industry. With the largest equity AUM, rapid profit growth and an unmatched distribution network, the fund house commands premium valuations. But rich pricing, tighter Sebi rules and intensifying competition leave little margin for error.

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