ICICI Pru AMC IPO subscribed 39x; attracts bids worth nearly ₹3 trillion

The offering ranks as the second-most subscribed IPO of over Rs 10,000 crore since 2020

The initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) saw robust investor interest, with the issue being subscribed 39 times over the shares on offer and attracting bids worth nearly ₹3 trillion on the final day of bidding on Tuesday, according to exchange data.

 

Demand from institutional investors was particularly strong. The portion for qualified institutional buyers was subscribed 124 times, drawing bids worth about ₹2.5 trillion. The non-institutional investors’ segment was subscribed 22 times, while the retail investors’ portion was subscribed 2.5 times.

 

The offering ranks as the second-most subscribed IPO of over ₹10,000 crore since 2020. The most subscribed large issue during this period was the ₹11,607 crore IPO of LG Electronics India, which had garnered 54 times subscription and bids worth ₹4.4 trillion. 

Ahead of the issue opening, ICICI Prudential AMC had allotted shares worth ₹3,021 crore to 149 anchor investors. The IPO is entirely an offer-for-sale by UK-based Prudential Plc, which is divesting a part of its stake in the joint venture. ICICI Bank will continue to remain the majority shareholder in the asset management company.

 

At the upper end of the price band, the country’s largest asset manager by active equity assets under management (AUM) is valued at about ₹1.07 trillion.

 

Brokerages said the valuation appeared reasonable, citing the company’s market leadership and profitability metrics. “Given ICICI Pru AMC’s dominant position in high-growth active equity segments, superior margins and return ratios, the IPO pricing reflects a justifiable premium over peers,” said Deven Choksey Research. For comparison, HDFC AMC, the investment manager to HDFC Mutual Fund, currently commands a market capitalisation of around ₹1.1 trillion.

 

ICICI Prudential AMC also has the widest bouquet of mutual fund schemes across categories and the highest market share in active equity strategies. As of September 2025, the AMC’s active mutual fund market share stood at 13.3 per cent, making it the largest player in equity-oriented and hybrid schemes.

 

The company has also secured a specialised investment fund (SIF) licence and plans to expand into emerging asset management segments. “With Sebi introducing a new framework for SIFs, we intend to launch products under this regime to tap newer growth opportunities,” said Nimesh Shah, managing director and chief executive officer of ICICI Prudential AMC.