The $1.2-billion ICICI Prudential AMC IPO has opened for subscription, paving the way for a listing that can make it the country’s second-most valuable mutual fund. The grey market premium, however, shows otherwise.
On offer in the ICICI Prudential AMC IPO are up to 4.90 crore equity shares in a price band of ₹2,061-2,165 apiece, implying a valuation of as much as ₹1.07 lakh crore. Its debut on 19 December will mark India’s fourth-biggest listing this year, following those of Tata Capital ( ₹15,000 crore), HDB Financial Services Ltd. ( ₹12,500 crore) and LG Electronics India Ltd. ( ₹11,600 crore).
To be sure, the ICICI Prudential AMC IPO is a pure offer-for-sale, meaning all proceeds will go to the selling shareholder Prudential Corp. Holdings Ltd.
ICICI Prudential AMC IPO Subscription Status: Day 1
As of 2:55 pm, the ICICI Prudential AMC IPO had received bids for 1,08,00,708 shares as against 3,50,15,691 on offer. That translates to a subscription rate of 31%. The company has so far raised ₹2,338.35 crore from 2,91,446 bids.
- QIB portion: 0.60 times
- NII portion: 0.24 times
- Retail investors: 0.17 times
- Shareholders: 0.32 times
ICICI Prudential AMC IPO GMP
As of 2:55 pm, investors were willing to pay ₹192 over and above the IPO price of ₹2,165.00, according to Investorgain. That indicates a GMP of 8.87% and estimated listing price of ₹2,357.
To be sure, the grey market premium is a signal, not a guarantee. It reflects what traders are willing to pay for an IPO-bound stock in the unofficial market—it doesn’t guarantee listing-day gains. The GMP can swing dramatically as it’s detached from fundamentals of a stock.
ICICI Prudential AMC IPO: Key Details
ICICI Prudential AMC IPO Review
Several brokerages have issued bullish views on the offering.
- Mirae Asset Sharekhan has called for a “subscribe” to the issue, citing the company’s financial metrics and what it considers are reasonable valuations.
- SBI Securities highlighted the synergies it gains from parent ICICI Bank Ltd.’s distribution network, while Axis Capital said it’s India’s most-profitable asset manager by one metric, with a 20% market share.
ICICI Bank, India’s second-biggest lender by market value, currently holds 51% of the AMC, while UK’s Prudential Plc has the remaining stake. Prudential said Thursday it completed a pre-IPO private placement, selling a combined 4.5% stake in the fund manager to raise about ₹4,800 crore.
Citigroup Inc. and ICICI Securities Ltd. are among 18 banks managing the issue—a record for Indian IPOs.
The deal, the last big IPO of 2025, will gauge the depth of investor appetite, especially after recent issues like LG India and Meesho Ltd. saw strong demand. The money manager is tapping the market at a time when IPO fundraising has hit a record this year, thanks to surging interest from local investors.
