Summary of this article
ICICI Prudential AMC IPO fully subscribed on Day 2
The IPO opened on December 12 and is set to close on December 16
Allotment is expected to be finalised on Dec 17, and listing is set to take place tentatively on Dec 19
The Rs 10,602.65-crore initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) entered its second day of bidding on December 15 and was fully subscribed by then.
By issue size, the offering ranks as the fourth-largest IPO of the current calendar year, trailing only Tata Capital’s Rs 15,511.87-crore issue, HDB Financial Services’ Rs 12,500-crore IPO, and LG Electronics India’s Rs 11,607.01-crore public offer.
In the unlisted market, sentiment has remained upbeat over the weekend, as its shares’ grey market premium (GMP) jumped nearly 8 per cent since the subscription window opened on December 12. The IPO is scheduled to close on December 16.
ICICI Prudential AMC IPO Subscription Status: Day 2
As of 1:39 PM, ICICI Prudential AMC IPO has so far been subscribed by 1.45 times the total offer size, with investors placing bids for 50.60 million equity shares against 35 million on offer.
Non-institutional investors (NIIs) led the subscription, booking 2.38 times their quota, followed by qualified institutional buyers (QIBs), who booked 2.06 times. Retail investors' portion is yet to be fully booked, as it has received only 63 per cent subscription of the total quota reserved for them.
There is a shareholder quota for ICICI Bank investors as well. The shareholder quota was booked 1.89 times so far around the same time.
ICICI Prudential AMC IPO Details
Issue Size: ICICI Prudential AMC aims to raise Rs 10,602.65 crore through a pure offer for sale (OFS) of 48.97 million equity shares. There is no fresh issue component in this IPO.
Price Band, Lot Size, Minimum Investment: The price band has been set at Rs 2,061 to Rs 2,165 per share. The lot size is 6 shares, requiring a minimum investment of Rs 12,990 for retail investors, based on the upper end of the price band.
Allotment, Listing Dates: The IPO’s share allotment is expected to be finalised on December 17, and the stock is scheduled to list on the NSE and BSE tentatively on December 19.
BRLMs, Registrar: The IPO is being managed by an 18-bank syndicate led by Citi, Morgan Stanley, BofA Securities, Axis Capital and CLSA. Other book-running lead managers include IIFL Capital, Kotak Mahindra Capital, Nomura, SBI Caps, ICICI Securities, Goldman Sachs, Avendus, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama and UBS. KFin Technologies is acting as the registrar.
Objectives: As this is a complete OFS, ICICI Prudential AMC will not receive any proceeds from the issue. All funds raised will go to the promoter selling shareholder, net of offer-related expenses and applicable taxes.
ICICI Prudential AMC IPO GMP
ICICI Prudential AMC IPO's GMP stood at Rs 275, as of 1:31 PM on December 15, according to websites that track such trades. The GMP has risen nearly 8 per cent from Rs 255 on the opening day of the issue.
Based on the current GMP and the upper end of the price band, Rs 2,165, the expected listing price of ICICI Prudential AMC comes at Rs 2,440 per share. This represents a prospective listing pop of 12.70 per cent.
ICICI Prudential AMC: Key Financials
ICICI Prudential AMC has reported steady financial growth over the last three years. The AMC reported total income of Rs 4,979.67 crore in FY25, up from Rs 3,761.21 crore in FY24 and Rs 2,838.18 crore in FY23. This translates to a three-year compounded annual growth rate (CAGR) of around 27 per cent.
The fund house’s profit after tax (PAT) rose to Rs 2,650.66 crore in FY25, as against Rs 2,049.73 crore in FY24 and Rs 1,515.78 crore in FY23, reflecting a CAGR of nearly 27 per cent. Ebitda also improved, coming in at Rs 3,636.99 crore in FY25 against Rs 2,780.01 crore in FY24 and Rs 2,072.58 crore in FY23, translating into a CAGR of about 29 per cent.
The company’s net worth stood at Rs 3,516.94 crore as of March 31, 2025.
ICICI Prudential AMC manages 143 schemes, one of the most extensive product suites in the industry, covering equity, hybrid, passive strategies, portfolio management services (PMS), alternative investment funds (AIFs) and offshore advisory mandates.
