ICICI Prudential AMC shares list at 20% premium over IPO price

ICICI Prudential Asset Management Company (AMC), a joint venture between ICICI Bank and UK-based Prudential plc, made a solid debut on Dalal Street on Friday, with shares of the asset management company listing at a 20% premium over the initial public offering (IPO) price.

Shares of ICICI Prudential AMC debuted at ₹2,600 on the NSE, up 20.09% against the IPO price of ₹2,165. On the BSE, the ICICI Prudential stock opened at ₹2,606.20, up 20.38% from the issue price, with a market capitalisation of ₹1.29 lakh crore.

Meanwhile, the equity benchmarks—BSE Sensex and NSE Nifty—were also trading higher by 0.4% each. The Sensex was up around 350 points at 84,832, while the Nifty50 climbed 122 points to the 25,937 level.

The listing of the ICICI Prudential AMC IPO was broadly in line with Street expectations, as the stock was commanding a grey market premium (GMP) of ₹520 in the unlisted market, indicating a listing price of around ₹2,685, or a gain of about 24.02%.

The company garnered a strong response for its ₹10,603 crore IPO, with the issue subscribing over 39 times. The issue, which was 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 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). Post 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.

PL Capital initiates ‘Buy’ rating

Ahead of listing, ICICI Prudential AMC has received a ‘BUY’ rating from PL Capital with a target price of ₹3,000, against a current market price of ₹2,165, indicating an upside potential of 38.5%. The brokerage values the company at 38 times September 2027 core earnings per share, citing optimism around its business prospects and strong fundamentals.

According to Gaurav Jani, Research Analyst at PL Capital, the company’s leadership position in net equity inflows, with a market share of 17.5% during the first eight months of FY26, is the highest among asset management companies. Superior equity yields of 67 basis points, driven by the lowest distributor payout ratio, strong parentage and a closed-architecture distribution model through ICICI Bank, were also cited as key positives. ICICI Prudential AMC accounts for nearly 74% of mutual fund sales through ICICI Bank and has a higher share of non-mutual fund revenue compared with peers.