The Indian asset management industry is witnessing a landmark event. ICICI Prudential Asset Management Company (IPAMC), a joint venture between two financial giants, ICICI Bank and Prudential Plc (UK), is going public. For investors, Asset Management Companies (AMCs) are often considered "high quality" businesses because they are asset-light, generate high free cash flow, and offer high Return on Net Worth (RoNW). However, not all AMCs are built the same. Here is a deep-dive