ICICI Prudential AMC IPO opens: Analysts suggest long-term buy; here's why

ICICI Prudential AMC IPO: Analysts at Canara Bank Securities and Anand Rathi have recommended subscribing to the issue from a long-term perspective

ICICI Prudential AMC IPO: ICICI Prudential Asset Management Company (AMC) is set to float its maiden public issue on Friday, December 12, 2025. The ₹10,602.65 crore initial public offering (IPO) comprises an offer for sale (OFS) of 49 million shares by promoter Prudential Corporation Holdings. 

 

On December 11, 2025, the company raised ₹3,021.8 crore from 149 global and domestic institutional investors (DIIs) through the anchor book. It allocated 4.66 million equity shares at ₹2,165 per share, according to the filing on exchanges.

 

The anchor book received strong interest from domestic institutional investors, including major mutual funds like HDFC AMC, SBI Mutual Fund, WhiteOak Capital, Helios, Kotak Mahindra AMC, Axis MF, Aditya Birla Sun Life AMC, DSP MF, Quant Mutual Fund, HSBC MF, Invesco, Edelweiss, and PGIM.

 

Global investors showed strong demand as well, with participation from Capital Group, Monetary Authority of Singapore, Temasek, CLSA Global, Fidelity, JP Morgan, Government Pension Fund Global, BlackRock, Goldman Sachs, Amundi Funds, Prudential Assurance Company, Abu Dhabi Investment Authority, Integrated Core Strategies Asia, and Societe Generale.

ICICI Prudential AMC IPO GMP

On Friday, the unlisted shares of ICICI Prudential were trading at ₹2,315, up ₹150 or 7 per cent compared to the issue price of ₹2,165 per share, according to sources tracking unofficial markets.  ALSO READ | ICICI Prudential AMC IPO opens Dec 12: 5 key strengths investors must know

ICICI Prudential AMC IPO: Should you apply or not?

Canara Bank Securities: Subscribe - long-term

According to Canara Bank Securities, the Indian MF market remains underpenetrated with AUM-to-GDP at 19.9 per cent in FY25. Individual investors’ tilt toward equity-oriented schemes supports higher fee yields and longer holding periods, strengthening asset-base stability. "ICICI Prudential AMC has built strong SIP pipelines, with monthly systematic inflows rising to ₹48 billion in September 2025 from ₹23.5 billion in March 2023. Between FY23–FY25, AAUM, operating revenue, and PAT grew at robust CAGRs of 32–33 per cent, while margins stayed firm at 73–74 per cent and CFO/PAT held at 1x," the brokerage said.

 

Additionally, the stock trades at 40.4x FY25 and 33.1x annualised H1FY26 P/E, in line with industry averages, though P/BV remains elevated at 27x in H2FY2026 and 30x in FY2025 vs 10–14x peers. 

 

Analysts have assigned a "Subscribe for Long Term" rating to the issue, citing its strong equity AUM, number 2 industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, robust ROE of 80 per cent and stable margins.

Anand Rathi: Subscribe - long-term 

According to analysts at Anand Rathi, with a strong market share, ICICI Prudential is among the most profitable AMCs in the industry, valued at 40x P/E on FY25 earnings at the upper-end price, which is fair as compared to leading players, including HDFC AMC and Nippon Life AMC. "Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in," the brokerage said. 

 

Anand Rathi recommend subscribing to the issue from a medium to long-term perspective.   ALSO READ | ICICI Prudential AMC flags these top 10 risks ahead of IPO

Here are the key details of ICICI Prudential AMC IPO:

The three-day subscription window to bid for the ICICI Prudential AMC IPO will close on Tuesday, December 16, 2025. The allotment of shares is expected to be finalised on Wednesday, December 17, 2025. The successful allottees will receive the company's shares in their respective demat accounts on Thursday, December 18. 

 

Shares of ICICI Prudential will make their debut on the exchanges, NSE and BSE, tentatively on Friday, December 19, 2025. 

 

The company has set the price band in the range of ₹2,061 to ₹2,165, with a lot size of 6 shares. A retail investor would require a minimum investment of ₹12,990 to bid for at least one lot and in multiples thereafter.

 

Kfin Technologies is the registrar for the issue. 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 are the book-running lead managers. 

 

According to the red herring prospectus (RHP), the company will not receive any fresh funds from the issue, and existing shareholders will sell their stake through the offer.   Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.