ICICI Prudential AMC IPO Allotment Status Revealed: GMP Surges to ₹400, Suggesting 18% Pre-Listing Gain

With the ICICI Prudential Asset Management Company IPO allotment finalized after its successful initial public offering, investors are now turning their attention to the stock's listing, scheduled for tomorrow, December 19.

The IPO, which closed on Tuesday, attracted bids of approximately ₹3 lakh crore, making it the fourth most subscribed IPO in the history of the Indian stock market.

Brokerage firm Prabhudas Lilladher has initiated coverage on ICICI Prudential Asset Management Company with a 'Buy' rating and set a target price of ₹3,000. Their analysis suggests ICICI Prudential is poised to outperform its competitors, projecting an equity average assets under management growth rate that is 2.5% higher than the industry average between fiscal years 2025 and 2028. This is expected to translate into a robust 18.5% compound annual growth rate (CAGR) in core profit after tax (PAT).

**Subscription Details**

The ICICI Prudential AMC IPO, a subsidiary of ICICI Bank, saw an overwhelming response, being subscribed 39.17 times on the final day of bidding. Institutional investors primarily drove this strong demand.

Data from the NSE indicates that the ₹10,602.65 crore issue received bids for 137.15 crore shares, against the 3.50 crore shares that were on offer.

The Qualified Institutional Buyers (QIBs) segment was subscribed by an impressive 123.87 times, while the non-institutional investors' portion saw a subscription of 22.04 times. The Retail Individual Investors (RIIs) category was subscribed 2.53 times.

The IPO was priced between ₹2,061 and ₹2,165 per share, giving the asset manager a valuation of approximately ₹1.07 lakh crore.

The issue consisted entirely of an offer-for-sale (OFS) of over 4.89 crore shares by promoter Prudential Corporation Holdings of the UK. As a result, ICICI Prudential AMC will not receive any proceeds from the IPO.

**Grey Market Premium (GMP)**

The grey market premium (GMP) for the ICICI Prudential AMC IPO remains strong. Market sources indicate that the GMP today reached its highest level yet at ₹400. This signifies that shares of ICICI Prudential AMC are trading at a ₹400 premium above the offer price in the grey market, suggesting a potential listing price of ₹2565, which represents a premium of 18.48%.

Upon listing, ICICI Prudential AMC will become the fifth listed entity from the ICICI Group, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.

ICICI Prudential AMC IPO shares are anticipated to be listed on December 19.