Prudential Corporation set to earn ₹10,593-cr from ICICI Prudential AMC IPO

ICICI Prudential AMC IPO: Prudential Corporation Holdings is poised for a hefty payday from the initial public offering (IPO) of ICICI Prudential Asset Management Company, which opened for subscription on Friday, December 12, 2025.  The ₹10,602.65-crore IPO is a pure Offer for Sale (OFS), with Prudential Corporation Holdings offloading up to 49 million (48,972,994) equity shares, as detailed in the Red Herring Prospectus (RHP). 

 

The asset management company has set the price band at ₹2,061–₹2,165 per share, with a minimum lot size of six shares. With its historical acquisition cost at roughly ₹2 per share, amounting to a total outlay of ₹9.79 crore (₹9,79,45,988), the UK-based promoter is in line to receive ₹10,602.65 crore (₹1,06,02,65,32,010) at the upper end of the price band, provided the offer is fully subscribed by the close of bidding on Tuesday, December 16. 

 

This implies a pre-tax gain of ₹10,593 crore (₹1,05,92,85,86,022) for Prudential Corporation Holdings, subject to taxes and IPO-related expenses, if any.  ALSO READ | ICICI Prudential AMC IPO opens: Analysts suggest long-term buy; here's why

ICICI Prudential AMC IPO: At a glance

The maiden share sale of the asset management company has received a lackluster response from investors. NSE data showed that the issue had been booked only 11 per cent as of 1:00 PM on Friday, December 12.

 

Brokerages such as Anand Rathi Research and Canara Bank Securities have issued favorable views on the IPO, recommending a subscribe rating for long-term investors. Their rationale includes the company’s strong equity AUM, second-largest industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, robust 80 percent return on equity, and stable margins. READ MORE

 

Grey market indicators also remain positive. Unlisted shares of the company were reportedly trading at around ₹2,342 apiece, implying a grey market premium (GMP) of ₹177 per share, or 8.18 percent over the upper end of the price band.

 

The subscription window will close on Tuesday, December 16. The basis of allotment is scheduled for Wednesday, December 17, while shares are expected to be credited to demat accounts on Thursday, December 18. The stock is slated to list on the NSE and BSE on Friday, December 19, 2025.  ALSO READ | Park Medi World vs Nephrocare Health IPO: Where should you park your money? 

As per the 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 RHP stated.

 

Kfin Technologies is the registrar to the offer, and 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.