ICICI Prudential AMC's Rs 10,603 crore IPO to open on Friday: Should you subscribe? Price band, GMP among 10 key things to know

ICICI Prudential Asset Management Company (AMC) is set to open its initial public offering (IPO) for public subscription in the primary market on Friday. As a subsidiary of ICICI Bank, the offering has generated significant market interest from the investors, reflected in its grey market premium.
Key factors investors should consider before subscribing to issue:
1) ICICI Pru AMC IPO subscription dates: The Rs 10,603-crore IPO will open on December 12 and conclude on December 16. The bidding for anchor investors will take place on December 11.
2) ICICI Pru AMC IPO price band: The company has fixed a price band of Rs 2,061 to Rs 2,165 per share, valuing the company at Rs 1.07 lakh crore.
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3) ICICI Pru AMC IPO GMP: According to platforms tracking the grey market activities, the shares of ICICI Pru AMC are commanding a GMP of around 5-6 in the unregulated market. Investorgain quoted a GMP of Rs 114 for the shares of the company, indicating a listing gain of 5.27 percent. IPO Watch quoted a GMP of nearly 6 percent.
3) IPO details: The issue is an entirely Offer-for-Sale (OFS) of over 4.89 crore equity shares by promoter -- UK-based Prudential Corporation Holdings, with no fresh issue component, according to a public announcement made by ICICI Prudential AMC.
4) Subsidiary of ICICI Bank: At present, ICICI Bank holds a 51 percent stake in the asset management company, while the remaining 49 percent is held by its joint venture partner, Prudential Corporation Holdings.
5) ICICI Pru AMC Listed Peers: This will be the fifth asset management firm to list on the exchanges, following HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
6) ICICI Prudential AMC IPO allotment date: The allotment is expected by December 17.
7) ICICI Prudential AMC IPO Listing Date: The shares of the company will make their stock market debut on December 19.
8) ICICI Prudential AMC IPO registrar: KFin Technologies is the official registrar to the issue.
9) Fifth entity from ICICI Group to be listed: After ICICI Bank, ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and ICICI Securities, this will be the fifth group company from ICICI to list on the stock markets.
10) ICICI Prudential AMC IPO: Should you subscribe?
Kalp Jain, Research Analyst at INVasset PMS, added "Rising participation in mutual funds, supported by consistent SIP flows and deeper financialisation of savings, continues to strengthen long-term revenue visibility for the asset-management industry. The company’s performance is closely linked to trends in assets under management, fee yields and operating leverage, especially as the equity mix expands. These factors will be watched more closely than the headline offer size once the stock lists. While pre-listing sentiment remains constructive, sustained traction will depend on how effectively the business grows AUM, enhances profitability and navigates competition in a rapidly expanding industry."
Abhinav Tiwari, Research Analyst at Bonanza, noted that the company is one of India’s strongest asset managers, holding the second largest AUM base at Rs 8.8 trillion as of March 2025. It enjoys a 13% industry share overall and leads in active fund management with a 13.3% share. In equity funds, its position is even stronger, with Rs 4.9 trillion in QAAUM and rapid growth over FY23-25. Its wide product basket of 135 schemes also helps reduce concentration risk, as no single scheme contributes more than 7% of total AUM.
Financial performance remains a key strength. The company delivered Rs. 46.8 billion in operating revenue in FY25, growing at 24% CAGR over four years which is faster than listed peers. Its revenue yield of 52 bps is also higher than competitors such as HDFC AMC and Nippon AMC. Profitability is exceptional as well, with FY25 PAT at Rs. 26.5 billion and industry leading ROE of 82.8%.
On valuations, ICICI AMC appears fairly priced. Considering its strong fundamentals, consistent PAT growth, and superior returns. Growth prospects remain healthy, supported by rising retail participation, expansion in alternates like PMS and AIFs, and a highly digital operating model. The company also benefits from a strong distribution network and experienced management team. Key risks to monitor include rising competition, mixed performance in certain equity categories, and long-term pressure on fee yields if passive investing gains more share. Overall, the IPO looks fairly valued, backed by strong scale, profitability, and steady growth visibility.
Siddharth Maurya, Founder & Managing Director at Vibhavangal Anukulakara, added "The​‍​‌‍​‍‌​‍​‌‍​‍‌ public offering of ICICI Prudential AMC is a rare combination of asset-light business model, diversified AUM base and strong operating leverage — features that, in fact, make the company a clear leader in India's financial services sector at present. The stock debut, as a result, may appeal to big investors holding for the long run, who are on the lookout for stable cash-flow businesses, rather than high-growth ones, given the company's substantial market share and increasing retail participation. However, to be fair, the post-share debut performance will depend on mutual fund inflows, regulatory environment and investor confidence in AMC earnings — thus, being cautiously optimistic and having a long-term horizon would be the right ​‍​‌‍​‍‌​‍​‌‍​‍‌approach."
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