Key Points:
- ICICI Prudential AMC IPO opens with a massive ₹10,602 crore OFS and strong grey-market premium signals.
- Company posts sustained revenue and profit growth ahead of the IPO listing.
- Brokerages cite reasonable valuation and investor demand supporting the ICICI Prudential AMC IPO.
ICICI Prudential Asset Management Company will open its ₹10,602 crore initial public offering tomorrow in Mumbai, offering shares through an offer for sale between December 12 and December 16 at a price band of ₹2,061 to ₹2,165.
IPO Opens With Large Offer for Sale
As part of the ICICI Prudential AMC IPO, the issue consists of 4.90 crore shares, all offered through an OFS by Prudential Corporation Holdings, one of the company’s two promoters.
The ICICI Prudential AMC IPO will be listed on the BSE and NSE. Allotment is expected on December 17, and the listing is tentatively set for December 19.
A grey market premium of ₹119 indicates the stock may list near ₹2,284, about five and a half percent above the upper price band. “A steady GMP suggests moderate yet healthy demand from investors,” said Raghav Bansal, a Mumbai-based independent market analyst. “The brand strength and strong financial performance are clear drivers.”
Retail investors may subscribe with a minimum lot size of six shares, requiring an investment of ₹12,990.
Company Reports Strong Growth Ahead of Listing
Founded in 1993, ICICI Prudential AMC manages a quarterly average AUM of ₹10,147.6 billion as of September 30. Its services include mutual funds, PMS, AIF products and offshore advisory mandates.
The company has recorded consistent growth. Profit rose from ₹1,515 crore in FY23 to ₹2,049 crore in FY24, then to ₹2,650 crore in FY25. For the first half of FY26, profit stood at ₹1,617 crore. Revenue increased from ₹2,837 crore in FY23 to ₹4,977 crore in FY25.
“ICICI Prudential AMC’s scale offers it meaningful operating leverage,” said Kavita Rao, a senior fund industry consultant. “The firm has built a risk-first investment approach that appeals to long-term investors.”
Since the offering is an OFS, proceeds will go to the selling shareholder and not the company.
Brokerages Cite Reasonable Valuation and Demand
Sharekhan said theICICI Prudential AMC IPO’s valuation, at roughly forty times FY25 earnings at the upper band, appears reasonable compared with peers. The brokerage recommended subscribing for medium- to long-term investors based on the company’s leadership position and profitability.
Demand across investor categories will follow regulatory norms, with not more than half the shares reserved for institutional buyers, at least thirty-five percent for retail participants and at least fifteen percent for non-institutional investors.
The ICICI Prudential AMC IPO is backed by a large syndicate of book-running lead managers, including Citigroup Global Markets India, Morgan Stanley India, BofA Securities India, Axis Capital, CLSA India, IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Capital Markets, ICICI Securities, Goldman Sachs India, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Advisors, Nuvama Wealth Management and UBS Securities India. KFin Technologies is the registrar.
Market analysts say the listing will be closely watched as 2025 continues to see strong investor appetite for capital-market offerings. “AMC stocks often serve as a proxy for market participation in India,” Bansal said. “This IPO will test how investors view long-term earnings stability in the sector.”
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