The ₹10,603 crore-initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) continued to create buzz in the grey market as the issue subscribed 2.1 times on second day of bidding. The grey market premium (GMP) of ICICI Prudential AMC shares rose to around 14% ahead of the offer’s closure today.

The issue, completely an offer for sale of 4.90 crore shares being offered at a price band of ₹2061-2165 per share, received bids worth ₹15,393 crore, with more than 7.38 crore shares bid against 3.50 crore shares on offer. 

As per the latest subscription data, the qualified institutional buyers (QIB) portion was subscribed 2.91 times, with bids received for 2.70 crore shares against an offer of 93.05 lakh shares. Demand from non-institutional investors (NIIs) remained strong, with this category subscribed 3.79 times. Within NIIs, bids worth more than ₹10 lakh were subscribed 3.81 times, while applications in the ₹2 lakh–₹10 lakh bracket were subscribed 3.74 times.

Retail participation, however, lagged institutional demand as the portion set aside for them was subscribed 0.83 times on Day 2, with bids for 1.34 crore shares against an allocation of 1.63 crore shares. The shareholder reservation portion saw healthy interest, getting subscribed 2.84 times.

In the unofficial grey market, the ICICI Prudential AMC IPO premium rose to about 14% ahead of the issue’s closure. Data from Investorgain showed a GMP of ₹287 per share, implying a potential listing gain of around 13.26% over the upper end of the issue price. IPO Watch, meanwhile, pegged the premium at roughly 14%.

The allotment of ICICI Prudential AMC shares is expected to be finalised on December 17, while the stock is scheduled to list on the BSE and NSE on December 19.

The IPO of ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Corporation Holdings Limited (a part of the UK-based Prudential plc), is the fourth-largest IPO of 2025, after Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India (₹11,607.01 crore). It will become the fifth listed entity from the ICICI Group, joining ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.

Before the IPO, the company raised ₹4,815 crore via private placement at ₹2,165 per share. Investors included Lunate Capital, the Estate of Rakesh Jhunjhunwala, University of California, Prashant Jain’s 3P India Equity Fund, WhiteOak, DSP India Fund, HCL Capital, Manish Chokhani, Madhusudan Kela and others. Besides, it secured another secured ₹3,022 crore from 148 anchor investors.