ICICI Prudential AMC joins India’s most-subscribed IPOs club, attracts 55 lakh applications worth ₹3 lakh crore

India’s primary market has seen a sharp rise in initial public offering (IPO) activity in recent years, with several issues drawing record investor interest. While large offerings often raise liquidity concerns, recent trends indicate that Indian markets are increasingly capable of absorbing big-ticket IPOs, reflecting strong investor appetite and growing market maturity.

A recent example is the ICICI Prudential Asset Management Company (AMC) IPO, which attracted bids worth nearly ₹3 lakh crore against an issue size of ₹10,603 crore, making it the fourth-largest subscription in India’s IPO history. The issue, which was subscribed over 39 times, garnered around 55 lakh applications, the seventh-highest ever for an Indian IPO.

The top 10 IPOs that attracted the highest number of applications in India include Waaree Energies, Bajaj Housing Finance, Unimech Aerospace, Tata Technologies, Life Insurance Corporation of India (LIC), LG Electronics India, ICICI Prudential AMC, Reliance Power, DOMS, and HDB Financial Services, as per data compiled by IPO Central.

Here’s all you need to know about these IPOs:

Waaree Energies is the most subscribed issue in terms of applications. The solar energy solutions provider attracted 97.33 lakh applications at the upper end of its price band, marking the highest number for any IPO in India to date. The ₹4,321 crore IPO was oversubscribed 3.47 times, while total bids amounted to ₹2.41 lakh crore, resulting in a total demand of 76.34 times.

This was followed by Bajaj Housing Finance, a subsidiary of Bajaj Finserv and Bajaj Finance, which attracted 89.07 lakh applications. The IPO was fully subscribed within hours and eventually oversubscribed 63.5 times. Qualified institutional buyers (QIBs) accounted for 209.3 times subscription, high-net-worth individuals (HNIs) 41.4 times, retail investors 6.9 times, and the employee portion nearly twice.

Unimech Aerospace, a Bengaluru-based manufacturer of high-precision airframe and airport tooling, saw 76.1 lakh applications for its December 2024 IPO. The issue was heavily oversubscribed across QIBs (317.63 times) and NIIs (263.78 times), and investors enjoyed 75% gains on listing.

Tata Technologies, a global leader in engineering and digital services, generated significant public interest during its 2023 IPO, attracting 73.6 lakh applications. With an issue size of ₹3,042 crore, the offering was nearly 69 times subscribed.

India’s largest insurer, Life Insurance Corporation of India (LIC), recorded 73.4 lakh applications, reflecting its dominant market position with over 64% share in gross written premium and extensive reach in individual and group policies.

LG Electronics India also made headlines in 2025 with over 65 lakh applications, making it one of the most subscribed IPOs of the year. The issue saw total subscriptions of 54.02 times, with bids totaling more than 385 crore shares against 7.13 crore shares on offer, raising about ₹4.4 lakh crore in demand.

ICICI Prudential AMC, India’s largest asset management company, saw 55 lakh applications for its IPO, which was oversubscribed 39.17 times.

Other notable IPOs included Reliance Power (48 lakh applications), DOMS (44 lakh applications), which attracted strong interest despite a PE of 43, and HDB Financial Services (42.7 lakh applications), a HDFC Bank subsidiary, whose issue pricing at ₹740 per share led to high retail participation.

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