ICICI Prudential AMC IPO To Open On December 12, GMP Hints At Single-Digit Listing Gains

ICICI Prudential Asset Management Company (AMC) is set to float its initial public offering (IPO) for public bidding on December 12 to raise Rs 10,602.65 crore from the primary market. It is set to close on December 16. The price band has been fixed at Rs 2,061 to Rs 2,165 a share with a lot size of six shares, which means retail investors need a minimum investment of Rs 12,990.

The issue includes an offer for sale (OFS) of 48.97 million equity shares by its promoter, UK-based Prudential Corporation Holdings. Since the ICICI Prudential AMC IPO is entirely an OFS, no new shares are being issued, and the company will not receive any funds. All the proceeds will go to the sole selling promoter, Prudential Corporation Holdings.

The issue is being handled by a consortium of 18 bankers, led by Citigroup Global Markets. The long list of bankers also includes Morgan Stanley, BofA Securities, CLSA, and Goldman Sachs, among others.

Explaining the unusually large syndicate, managing director and CEO Nimesh Shah, in a press briefing earlier today, said, “Different bankers have different strengths in markets. It is good to take each bank’s strength and go ahead.”

ICICI Prudential AMC IPO Reservation

Up to 50 per cent of the net offer is reserved for qualified institutional buyers (QIBs), of which as much as 60 per cent may be allocated to anchor investors. Within the anchor book, up to 33.33 per cent is reserved for domestic mutual funds and up to 6.67 per cent for life insurers and pension funds. Any shortfall in these reserved quotas will be reallocated within the QIB segment. A further 5 per cent of the net QIB portion will be kept aside for mutual funds, with any undersubscription added back to the broader QIB book.

At least 15 per cent of the net offer will go to non-institutional investors (NIIs) and at least 35 per cent to retail investors. Within the NII category, one-third is set aside for bids between Rs 0.2 million and Rs 1 million and two-thirds for bids above Rs 1 million, with scope to rebalance based on demand.

There is also a shareholders’ quota for eligible ICICI Bank shareholders. For them, nearly 2.45 million equity shares are reserved, which constitutes about 5 per cent of the total offer size.

ICICI Prudential AMC IPO GMP Today

The last quoted grey market premium (GMP) of ICICI Prudential AMC IPO shares in the unlisted market was Rs 112 over the issue price, as of 2:40 PM on December 8.

Given the current GMP and the upper end of the issue price, Rs 2,165, the expected listing price of ICICI Prudential AMC shares comes at Rs 2,277 per share. This translates into a potential listing gain of 5.17 per cent.

Over the past three days, its GMP has crashed nearly 40 per cent from Rs 185 to the current level.

What ICICI Prudential AMC Does And How It Earns Revenues

ICICI Prudential AMC is one of India’s largest mutual fund managers, offering a wide range of investment products across equity, debt, hybrid, passive and fund-of-fund schemes. As of September 30, 2025, it managed over Rs 10 lakh crore in quarterly average mutual fund assets and had leadership positions, particularly in equity and equity-oriented hybrid categories, according to its RHP.

The AMC also operates a fast-expanding alternatives platform comprising portfolio management services (PMS), alternative investment funds (AIFs) and offshore advisory mandates, including advisory work for Eastspring, Prudential’s asset management arm.

The bulk of its revenue comes from management fees charged on assets under management (AUM). Equity and equity-oriented schemes, which carry higher fees than debt or liquid products, form more than half of its mutual fund assets and materially support profitability. Additional revenues come from its PMS, AIF and advisory businesses.

Its distribution is multi-channel, including its own branches, a wide network of mutual fund distributors, ICICI Bank branches and digital platforms. The company also invests in technology and digital engagement to drive investor acquisition and retention.