ICICI Prudential AMC IPO subscribed 39 times on final day; receives bids worth ₹2.97 lakh crore
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ICICI Prudential Asset Management Company (AMC), a joint venture between ICICI Bank and UK-based Prudential plc, has received a strong investor response for its ₹10,603 crore initial public offering (IPO), the fourth-largest issue by size this year.
The ICICI Prudential AMC IPO, which saw a muted response during the first two days of bidding, was subscribed 39.16 times on the final day, driven by overwhelming demand from institutional investors. The issue was subscribed 0.73 times on Day 1, followed by 2.11 times on Day 2.
The issue, which is entirely an offer for sale of 4.90 crore shares at a price band of ₹2,061–₹2,165 per share, attracted bids worth ₹2.97 lakh crore. In total, more than 1.37 lakh crore shares were bid for against an offer size of about 3.50 crore shares, as per exchange data.
The qualified institutional buyers (QIB) portion was subscribed a massive 123.87 times. Within this segment, foreign institutional investors (FIIs) put in bids worth ₹4,390.56 crore, while domestic financial institutions—including banks, insurance companies and other FIs—bid for shares worth ₹4,758.11 crore. Mutual funds accounted for bids worth ₹1,065.93 crore, while other QIBs bid for shares valued at ₹1,311.00 crore.
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The non-institutional investors (NII) category was subscribed 22.03 times. The big NII segment, comprising bids above ₹10 lakh, was subscribed 25.42 times, largely driven by individual investors. The small NII segment—bids between ₹2 lakh and ₹10 lakh—was subscribed 15.26 times.
The retail individual investor (RII) portion was subscribed 2.52 times, while the shareholder reservation portion received 9.73 times subscription.
Strong demand for the IPO also lifted the grey market premium (GMP) to over 15%. Data from Investorgain showed a GMP of about ₹330 per share, implying a potential listing gain of around 15.24% over the upper end of the price band and indicating a likely listing price of around ₹2,495 per share.
The allotment of ICICI Prudential AMC shares is expected to be finalised on December 17, with the stock scheduled to list on the BSE and NSE on December 19.
The IPO is the fourth-largest public issue of 2025, after Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India (₹11,607.01 crore). Upon listing, ICICI Prudential AMC will become the fifth listed entity from the ICICI Group, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.
Ahead of the IPO, the company raised ₹4,815 crore through a private placement at ₹2,165 per share. Investors included Lunate Capital, the Estate of Rakesh Jhunjhunwala, the University of California, Prashant Jain’s 3P India Equity Fund, WhiteOak, DSP India Fund, HCL Capital, Manish Chokhani and Madhusudan Kela, among others. Additionally, the company secured ₹3,022 crore from 148 anchor investors.
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