ICICI Prudential AMC IPO: Subscribed 39x on Day 3; Strong NII & QIB Demand, GMP Suggests 14% Premium
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ICICI Prudential AMC's IPO saw massive investor demand, being oversubscribed 39 times. QIB and NII portions led the charge. GMP indicates a premium listing.
The IPO of ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, concluded with significant investor interest, achieving an oversubscription of more than 39 times during its three-day offering period.
Data from exchanges revealed that the IPO, one of the largest mainboard IPOs exceeding ₹10,000 crore, received bids for 137 crore shares against the 3.50 crore shares that were on offer. This translates to a final subscription rate of 39.17 times.
Demand Across Investor Categories:
- Qualified institutional buyers (QIBs) showed substantial interest, subscribing to their portion 124 times over.
- The non-institutional investor (NII) category was subscribed 22 times.
- Retail investors displayed moderate interest, with their portion being subscribed 2.53 times.
IPO Details:
The ICICI Prudential AMC IPO aimed to raise ₹10,602.65 crore. The price band was set between ₹2,061 and ₹2,165 per equity share. The offering consisted entirely of the sale of 4.90 crore shares.
The allotment of shares is expected to be finalized on Wednesday, December 17. Successful applicants should see shares credited to their demat accounts on Thursday, December 18, the same day refunds will be issued to those who did not receive an allocation. Trading on the BSE and NSE is scheduled to begin on Friday, December 19.
Currently, ICICI Bank holds a 51% stake in the AMC, with Prudential owning the remaining 49%.
Upon listing, ICICI Prudential AMC will join other listed asset managers in India, including HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management. It will also be the fifth entity from the ICICI Group to be listed on the stock exchanges, following ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.
Grey Market Premium (GMP):
The grey market premium (GMP) on December 16 was ₹300, suggesting positive investor sentiment. This premium implies a potential listing price of approximately ₹2465, which is about 13.85% higher than the upper IPO price band of ₹2165. The grey market premium represents the premium investors are prepared to pay over the official issue price.
About the Company:
ICICI Prudential Asset Management Company is among India's oldest AMCs, backed by ICICI Bank and Prudential Corporation Holding Ltd. The company is also the largest AMC in India based on active mutual fund Quarterly Average Assets Under Management (QAAUM) and Equity & Equity-oriented QAAUM, holding market shares of 13.3% and 13.6% respectively, as of September 2025.
