ICICI Pru AMC makes solid debut, analysts upbeat on long-term; here's why

Domestic brokerages Equirus Securities and PL Capital have initiated coverage on ICICI Prudential Asset Management Company

ICICI Prudential AMC listing, ICICI Prudential AMC share price: ICICI Prudential Asset Management Company (AMC) made a strong debut on Dalal Street. The company's shares listed at ₹2,600 per share, a premium of ₹435 or 20 per cent on the NSE. Post-listing, the stock reached a high of ₹ 2,663.40, up 2.5 per cent from the listing price. 

 

On the BSE as well, ICICI Prudential shares opened at ₹2,606, a premium of 20 per cent. Following the listing, the stock rose by around 2 per cent from the listing price to ₹2,662.

 

The listing price of ICICI Prudential AMC was below the grey market estimates. Ahead of the listing, unlisted shares of the company were trading at ₹2,685, commanding a grey market premium (GMP) of ₹520 or 24 per cent against the issue price, according to sources tracking unofficial markets. 

 

Here's what the analysts say post-listing:

Domestic brokerage Equirus Securities has initiated coverage on ICICI Prudential Asset Management Company with a ‘Long’ rating, citing its industry-leading profitability and strong equity-focused business mix. The brokerage noted that the company leads the sector with the highest profit after tax (PAT) market share of 17.4 per cent in the financial year 2025 (FY25), supported by consistent scheme performance, a large sales force, and deep penetration across retail and high net worth individual (HNI) segments.

 

The brokerage expects revenue and PAT to grow at a compound annual rate of around 16 per cent over FY25–28, driven by robust growth in mutual fund and alternative assets. It added that the stock trades at an attractive valuation compared with peers and has set a March 2027 target price of ₹2,900.

 

Similarly, PL Capital has also initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹3,000, valuing the stock at 38 times its estimated core earnings per share (EPS) for September 2027. The brokerage cited the company’s strong prospects, supported by strong parentage and performance, which has helped it achieve the highest net equity flow market share of 17.5 per cent in the first eight months of FY26. 

 

Analysts at PL Capital highlighted the company’s superior equity yields of 67 bps, aided by the lowest distributor payout, its dominant share of MF sales through ICICI Bank due to the bank’s closed architecture, and a higher contribution from non-mutual fund revenues compared with peers. The brokerage expects equity average assets under management (AAuM) to grow faster than the industry over FY25–28, driving a healthy core profit growth. Despite these strengths, the stock is valued at a discount to key peers at the upper issue price, which the brokerage believes leaves room for a potential re-rating over time.

 

Post-listing, Shivani Nyati, head of wealth at Swastika Investmart, said structural tailwinds such as increasing SIP inflows, deeper penetration of mutual funds in tier-2 and tier-3 cities, and growing preference for professionally managed investments support long-term prospects for the company.

 

"Short-term investors and traders may consider booking profits, while long-term investors may hold the position from a medium-to-long-term perspective, keeping a stop-loss near ₹2,350 to protect downside risk," Nyati added.

ICICI Prudential AMC IPO details

ICICI Prudential AMC successfully raised ₹10,602.65 crore through its maiden public issue, which was an offer for sale (OFS) of 49 million equity shares by promoter Prudential Corporation Holdings. The IPO was offered in the price band of ₹2,061 to ₹2,165 per share, with a minimum application lot of 6 shares. The issue was open for subscription from December 12 to December 16. The allotment of shares was finalised on Wednesday, December 17.

 

According to the RHP, the company will not receive any fresh funds from the issue, and existing shareholders will sell their stake through the offer.

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