Summary of this article
ICICI Prudential AMC IPO drew bids worth Rs 2.97 lakh crore ($32.86 billion)
This makes it the fourth most subscribed IPO in India
ICICI Prudential AMC IPO was subscribed 39.17 times by the final day of bidding on December 16
ICICI Prudential Asset Management Company (AMC) attracted bids worth Rs 2.97 lakh crore ($32.86 billion) for its initial public offering (IPO), making it the fourth most subscribed public issue in India and the second most subscribed IPO so far this year.
The asset manager’s Rs 10,602.65-crore IPO was surpassed only by Reliance Power’s Rs 11,700-crore IPO in 2008, LG Electronics India’s Rs 11,607-crore IPO this year, and Bajaj Housing Finance’s Rs 6,560-crore IPO in 2024.
ICICI Prudential AMC is a joint venture between ICICI Bank, India’s second-largest private sector lender, and UK-based Prudential Corporation Holdings. The IPO was entirely an offer for sale by Prudential.
ICICI Prudential AMC IPO Subscription Details
ICICI Prudential AMC IPO was subscribed 39.17 times by the final day of bidding on December 16, led largely by institutional investors. The issue received 1.37 billion bids against 35 million shares on offer.
Qualified institutional buyers (QIBs), excluding anchor investors, led the demand, with their portion subscribed 123.87 times, amounting to bids worth Rs 2.49 lakh crore. The non-institutional investors (NIIs) segment was subscribed to 22.04 times, drawing bids worth Rs 33,295.49 crore, while retail investors subscribed to their portion 2.53 times, with bids worth Rs 8,933.39 crore.
About 24,48,649 shares were reserved for ICICI Bank shareholders, which drew 23.87 million bids, translating into 9.75 times subscription.
ICICI Prudential AMC IPO GMP
As of 12:32 pm on December 17, the shares were trading at a grey market premium (GMP) of Rs 360 per share. Based on the upper end of the issue price band of Rs 2,165, the implied listing price stands at around Rs 2,525 per share, suggesting a potential listing gain of 16.63 per cent.
Selling Promoter Set To Earn Up To 1,265 Times Return
Prudential Corporation Holdings' weighted average cost of acquisition of ICICI Prudential AMC's shares is Rs 2 per share.
Assuming the asset manager’s shares list at the upper end of the issue’s price band at Rs 2,165 per share, Prudential is set to make an 1,08,1.50x return.
If the stock lists in line with current grey market expectations, the selling promoter is set to make an 1,26,1,50x return.
Marquee Investors In ICICI Prudential IPO
The IPO drew participation from several marquee investors, including four sovereign funds. These include Temasek, GIC, Abu Dhabi Investment Authority and Lunate. 19 of the country’s top 20 mutual funds, 15 insurance companies and three pension funds are also among the marquee investors.
Major foreign institutional investors include Capital Group, Fidelity, Norges, FMR, the University of California, JPMorgan Investment Management, BlackRock, Aberdeen, Wellington, Goldman Sachs and WhiteOak. Renowned market investors such as the Estate of Rakesh Jhunjhunwala, Prashant Jain-led 3PIM, Manish Chokhani and Madhu Kela also participated. Prominent family offices, including Premji, HCL, Hero Family and the Times Group, are also among the marquee investors in the country’s second-largest asset manager.
The firm had assets under management (AUM) of over Rs 10 lakh crore as of September 30, 2025, accounting for a 13.2 per cent market share in the asset management industry.
($1 = Rs 90.36)
