ICICI Prudential AMC IPO GMP steady, subscription tops 15x; should you bid?

ICICI Prudential AMC IPO Day 3 update: Check latest subscription, GMP, reviews, allotment date, listing date and other key details

ICICI Pru AMC IPO Subscription status:  As the initial public offering (IPO) of ICICI Prudential Asset Management Company concludes today, grey market trends continue to indicate favourable sentiment for the public issue on its final day of subscription. The ₹10,602.65-crore offering, which opened for subscription on Friday, December 12, has received a healthy response from investors, getting oversubscribed 15.71 times till 02:21 PM on Tuesday, December 16, according to NSE data.

 

Among investor categories, qualified institutional buyers (QIBs) have led the bidding, oversubscribing their segment 39 times. Non-institutional investors (NIIs) followed with a 19.17-times subscription, while retail investors, though placing the fewest bids, have oversubscribed their category 2.01 times.

 

Should you subscribe to ICICI Prudential AMC IPO?

Brokerages including Anand Rathi Research, Choice Institutional Equities, and Canara Bank Securities have issued favourable views on the IPO, recommending a subscribe rating for long-term investors. Their rationale cites the company’s strong equity AUM, second-largest industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, robust 80% return on equity, and stable margins.

 

“Supported by a diversified product mix and increasing mutual fund penetration, ICICI Prudential AMC was the most profitable AMC in India in FY25 with a 20 per cent share of operating profit before tax. Considering its strong franchise, profitability leadership, and operational efficiency, we assign a ‘Subscribe for Long Term’ rating for this issue,” said Choice in its report. READ MORE  ALSO READ | KSH International IPO opens; check price band, GMP, reviews, other details

ICICI Prudential AMC IPO details

The ICICI Prudential AMC IPO is a pure Offer for Sale (OFS), with Prudential Corporation Holdings offloading up to 49 million (48,972,994) equity shares.  The issue is being offered at a price band of ₹2061 - ₹2165 per share, with a lot size of  6 shares. Accordingly, the investors can bid for a minimum of 6 shares and in multiples thereof.  

 

As the public issue closes for subscription today, the basis of allotment is likely to be announced tomorrow, Wednesday, December 17, while shares are expected to be credited to demat accounts on Thursday, December 18.

 

ICICI Prudential AMC shares are slated to list on the NSE and BSE on Friday, December 19, 2025.

 

As per the Red Herring Prospectus (RHP), the company will not receive any proceeds from the IPO, since the entire issue is an OFS.

 

“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 company said in its RHP.

 

Kfin Technologies is the registrar to the offer, while the 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. 

(Disclaimer: The views and investment tips expressed by the brokerage in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.)