ICICI Prudential AMC IPO allotment done; GMP signals solid D-Street debut

Ahead of listing, unlisted shares of ICICI Prudential AMC were reportedly changing hands at around ₹2,565 each, reflecting a grey market premium (GMP) of ₹400, or 18.48 per cent above the issue price

ICICI Prudential AMC IPO listing forecast, ICICI Prudential AMC IPO GMP

As investors prepare for the D-Street listing of ICICI Prudential Asset Management Company, grey market indicators point to a positive debut on the BSE and NSE on Friday, December 19, 2025. The AMC raised ₹10,602.65 crore through its initial public offering (IPO), structured entirely as a pure offer-for-sale (OFS) of equity shares.

 

Ahead of listing, unlisted shares of ICICI Prudential AMC were reportedly changing hands at around ₹2,565 each, reflecting a grey market premium (GMP) of ₹400, or nearly 18.48 per cent above the issue price of ₹2,165, according to sources tracking unofficial market activity.

 

If current grey market trends hold, the shares could list at around ₹2,565 on the BSE and NSE, suggesting potential gains of over 18 per cent for allotted investors. Analysts caution, however, that GMP remains an unofficial and unregulated indicator and may not reliably predict actual market performance.

ICICI Prudential AMC IPO details

The IPO comprised a pure OFS, with Prudential Corporation Holdings offloading up to 48,972,994 equity shares. The issue was priced in the band of ₹2,061–₹2,165 per share, with a lot size of six shares, and was open for subscription from Friday, December 12, to Tuesday, December 16, 2025.

 

The public offering received strong investor interest, closing 39.17 times oversubscribed overall. Qualified institutional buyers (QIBs) led the demand, subscribing 123.87 times, while non-institutional investors (NIIs) oversubscribed 22.04 times and retail investors 2.53 times.

 

The basis of allotment was finalised on Wednesday, December 17, with the issue price fixed at ₹2,165 per share. As the IPO was entirely an OFS, the company will not receive any proceeds from the sale.

 

“Our Company will not receive the proceeds from the Offer (the Offer Proceeds), and all the Offer Proceeds will be received by the Promoter Selling Shareholder after deduction of Offer-related expenses and relevant taxes thereon, to be borne by the Promoter Selling Shareholder,” the RHP stated.

 

Kfin Technologies serves as the registrar for the offer. Book-running lead managers include Citigroup Global Markets India, ICICI Securities, Morgan Stanley India Company, Goldman Sachs (India) Securities, BofA Securities India, Avendus Capital, Axis Capital, BNP Paribas, CLSA India, HDFC Bank, IIFL Capital Services, JM Financial, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, SBI Capital Markets, and UBS Securities India.