Last Updated:December 12, 2025, 10:33 IST

ICICI Prudential AMC IPO GMP: Unlisted shares of ICICI Prudential AMC Ltd are currently trading at Rs 2,318 apiece in the grey market, against the upper IPO price of Rs 2,165.

ICICI Prudential AMC IPO: The initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) opened for public subscription today, Friday, December 12. The Rs 10,602-crore IPO, whose price band has been fixed in the range of Rs 2,061 to Rs 2,165 per share, will be closed on Tuesday, December 16. Till 10:15 am on the first day of bidding on Friday, the IPO received a total of 0.01 times subscription, garnering bids for 4,67,952 shares as against 3,50,15,691 shares on offer.

Its retail category got a 0.02x subscription, while its non-institutional investor (NII) quota got a 0.02x subscription. The QIB category received a 293.80x subscription.

It raised Rs 3,022 crore from anchor investors on Thursday, a day before the opening of its mega-initial share-sale for public subscription.

ICICI Prudential AMC IPO

According to market observers, unlisted shares of ICICI Prudential AMC Ltd are currently trading at Rs 2,318 apiece in the grey market, against the upper IPO price of Rs 2,165. It means a grey market premium (GMP) of 7.07%, indicating moderate listing for the company.

The GMP had stood at 25.5% last week.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

ICICI Prudential AMC IPO: Should You Apply?

Brokerages remain broadly constructive on the ICICI Prudential AMC IPO, citing the company’s scale, strong equity franchise and resilient profitability. Canara Bank Securities notes that India’s mutual fund industry is still significantly underpenetrated, with the AUM-to-GDP ratio at just 19.9 per cent in FY25. The shift of individual investors towards equity-oriented schemes has supported better fee realisations and stickier assets, helping strengthen the AMC’s long-term operating profile.

The brokerage highlights the company’s rapidly expanding SIP book, with monthly systematic inflows rising to 48 billion in September 2025 from 23.5 billion in March 2023. Over FY23–FY25, average AUM, operating revenue and profit after tax all delivered robust CAGRs of around 32–33 per cent. Operating margins remained steady at 73–74 per cent, while cash flow generation held firm at 1x of PAT. It also points out that while the issue’s valuations at 40.4x FY25 and 33.1x annualised H1FY26 earnings are broadly in line with peers, the price-to-book multiple remains elevated at 27x for H1FY26 and 30x for FY25, compared with 10–14x for comparable AMCs. Even so, the brokerage has assigned a ‘Subscribe for Long Term’ rating, citing ICICI Prudential’s strong equity AUM, second-largest industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, high ROE of 80 per cent and stable margins.

Analysts at Anand Rathi share a similar view. They argue that ICICI Prudential AMC, backed by a sizeable market share, is among the most profitable asset managers in the country. At the upper end of the price band, the stock is valued at around 40x FY25 earnings — a level the brokerage considers reasonable when compared with other leading players such as HDFC AMC and Nippon Life AMC. While they believe valuations are fully priced, the firm’s long-standing performance and robust financial metrics make a compelling case. Anand Rathi recommends subscribing to the IPO from a medium- to long-term perspective.

ICICI Prudential AMC IPO: More Details

ICICI Prudential AMC has set a price band of Rs 2,061 to Rs 2,165 per share for the issue, valuing the company at about Rs 1.07 lakh crore (USD 11.86 billion).

The IPO will be an entirely offer-for-sale (OFS) of more than 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings, meaning the company will not receive any proceeds from the offering.

Currently, the ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent.

Once listed, ICICI Prudential AMC will become the latest asset manager to debut on Indian stock exchanges, joining players such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.

It will also be the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.

The company is scheduled to make its stock market debut on December 19.

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