ICICI Prudential AMC secures ₹3,022 cr from anchor investors; 10 things to know as IPO opens today

A day ahead of opening of its initial public offering (IPO), ICICI Prudential Asset Management Company (AMC) has secured ₹3,022 crore from 148 anchor investors, which saw participation from sovereign wealth funds, global asset managers, domestic insurers, pension funds, mutual funds and family offices.

The AMC, a joint venture between ICICI Bank and Prudential Corporation Holdings Limited (a part of the UK-based Prudential plc), allocated 13, 953, 810 equity shares at upper end of the price band at ₹2,165 per share to anchor investors. Out of the total allocation, 33% were allocated to 27 domestic mutual funds through 77 schemes.

The anchor book saw participation from some of the world’s most influential sovereign wealth funds, including GIC, Temasek and Lunate Capital of the Abu Dhabi Investment Authority, while University of California, one of the largest global endowment funds, also investment in the company.

A wide spectrum of major foreign institutional investors such as Fidelity, Norges Bank, BlackRock, Aberdeen, Wellington, Capital World, J.P. Morgan Investment Management, Fidelity Management & Research, Goldman Sachs Asset Management, WhiteOak, and HSBC Global Asset Management also joined the anchor round.

Domestic participation was equally strong, led by marquee investors, veteran fund managers and prominent family offices such as Premji Invest, the HCL Family Office, Manish Chokhani, 3PIM (Prashant Jain), the estate of Rakesh Jhunjhunwala, and MK Ventures. Major life insurer including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life and Bajaj Life also took positions in the issue.

Here are 10 things to know before ICICI Prudential AMC IPO opens today

IPO opens on Dec 12

The long-awaited IPO of ICICI Prudential Asset Management Company opens for subscription on December 12, 2025, and closes on December 16, 2025. Allotment is expected on December 17, while listing is tentatively scheduled for December 19.

Fourth-largest IPO of 2025

With an issue size of ₹10,602.65 crore, it will be 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).

Fifth ICICI Group firm to make debut

It will become the fifth listed entity from the ICICI Group, joining ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.

Pure offer for sale (OFS)

The IPO is a pure OFS of 1.76 crore shares by Prudential Corporation Holdings (PCHL), amounting to 10% of the company’s equity. There is no fresh issue, so all proceeds go to the selling shareholder.

Price band and valuation

The price band has been set at ₹2,061–2,165 per share, valuing ICICI Prudential AMC at around ₹89,027 crore. Retail investors can bid for a minimum of one lot (6 shares), requiring a minimum investment of ₹12,990 at the upper price band.

Strong pre-IPO fundraise

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.

Massive institutional participation

Insurance giants such as SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life, Bajaj Life, TATA AIG and Go Digit participated in the pre-placement.

Other marquee investors included Kedaara Capital, TIMF Holdings, Malabar India Fund and Clarus Capital.

 ICICI Bank increases stake pre-IPO

Promoter ICICI Bank, which currently holds 51%, invested ₹2,140 crore to acquire an additional 2% stake from PCHL ahead of the IPO.

Strong financial performance

The AMC saw revenue rising 32% and PAT increasing 29% between FY24 and FY25. Total income grew to ₹4,979.67 crore in FY25, while profit after tax rose to ₹2,650.66 crore. Assets increased from ₹3,554.09 crore in FY24 to ₹4,383.68 crore in FY25 and further to ₹4,827.34 crore by September 2025.

Grey Market premium signals listing gains

The IPO is attracting strong demand in the grey market. The stock was commanding GMP of ₹150 per share, indicating potential listing gains of about 7% over the issue price.