ICICI Prudential AMC IPO subscription status: Check day 2 bidding, latest GMP & more
ICICI Prudential Asset Management Company is selling its shares in the price band of Rs 2,061-2,165, applied for a minimum of 6 shares and its multiples to raise a total of Rs 10,602.65 crore between December 12-16.
- Dec 15, 2025,
- Updated Dec 15, 2025 3:01 PM IST
The initial public offering (IPO) of ICICI Prudential AMC continued to see a mixed response during the second day of the bidding process from all the categories of the investors, getting fully subscribed on the second day. The issue, which kicked off on Friday, December 12, was overall booked nearly 75 per cent on day one.
Mumbai-based ICICI Prudential AMC is selling its shares in the price band of Rs 2,061-2,165 apiece. Investors can apply for a minimum of 6 shares and its multiples thereafter. It is looking to raise Rs 10,602.65 crore via IPO, which is entirely an offer-for-sale of up to 4,89,72,994 equity shares by Prudential Corp (UK).
According to the data, the investors made bids for 5,82,17,286 equity shares, or 1.66 times, compared to the 3,50,15,691 equity shares offered for the subscription by 2.55 pm on Monday, December 15, 2025. The three day bidding for the issue shall conclude on Tuesday, December 16.
The allocation for retail investors was subscribed 71 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 2.98 times. The portion for eligible shareholders of ICICI Bank was booked 2.16 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 2.21 times as of the same time.
Incorporated in 1993, Mumbai-based ICICI Prudential AMC is an asset management company, whose investment approach has been to manage risk first and aim for long term returns for their customers. It has active quarterly average asset under management (QAAUM). As of September 30, 2025, it has an QAAUM of 10,147.6 billion.
The grey market premium (GMP) of ICICI Prudential AMC has remained stable amid the rising volatility and mixed bidding for the issue. Last heard, the company was commanding a premium of Rs 275-280 per share in the unofficial market, suggesting 12-13 per cent listing gains for the investors.
ICICI Prudential AMC is offered at a reasonable valuation as compared to its larger peers, supported by its industry-leading scale and consistently strong financial performance. It commands the highest Total MF QAAUM at Rs. 8.79 lakh cr, along with a solid Active MF QAAUM of Rs. 7.55 lakh crore, said Nirmal Bang Securities.
"Growth trends remain robust, reflected in a 30% Active MF CAGR and a 31.8 per cent revenue CAGR, both materially ahead of the industry. Profitability remains strong, with an industry-leading EBITDA margin of 71.7 and a robust ROE of 75.4. Given its leading market position, strong growth trajectory, and superior return profile, we assign a 'subscribe' rating with positive outlook," it adds.
For six months ended on September 30, 2025, ICICI Prudential AMC reported a net profit of Rs 1,617.74 crore with a revenue of Rs 2,949.61 crore. Its net profit stood at Rs 2,650.66 crore with a revenue of Rs 4,979.67 crore for the financial year 2024-25. It shall command a total market capitalization of Rs 1.07 lakh crore at the current valuation of the IPO.
ICICI Prudential AMC prioritizes organic expansion by enhancing investment track records and amplifying reach via digital direct channels and distributor partnerships. It eyes scaling its high-potential alternates segment (PMS/AIFs) through targeted mergers, exemplified by the pending Business Transfer Agreement for acquiring Category II AIF schemes, said DR Choksey Finserv.
"International forays include a GIFT City IFSC outpost and DIFC explorations. These moves align with India’s rising equity penetration and household financialization trends. Premium multiples reflect its AUM leadership, operational excellence, and 82.8 per cent FY25 ROE—outpacing peers," it said with a 'subscribe' for its fortified growth runway in a burgeoning AMC landscape," it adds.
ICICI Prudential AMC raised Rs 3,021.75 crore from 149 anchor investors as it finalised allocation of 1,39,57303 shares at Rs 2,165 per share. All Time Plastic has reserved 50 per cent of the net offer for qualified institutional bidders, while non institutional investors will have 15 per cent of allocations. Retail investors will get 35 per cent of the allocation in the IPO.
Citigroup Global Markets India, ICICI Securities, Morgan Stanley India, Goldman Sachs (India), BofA Securities, Avendus Capital, Axis Capital, BNP Paribas and CLSA India are among the 18 the book running lead manager and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with December 19, Friday as the tentative date of listing.
The initial public offering (IPO) of ICICI Prudential AMC continued to see a mixed response during the second day of the bidding process from all the categories of the investors, getting fully subscribed on the second day. The issue, which kicked off on Friday, December 12, was overall booked nearly 75 per cent on day one.
Mumbai-based ICICI Prudential AMC is selling its shares in the price band of Rs 2,061-2,165 apiece. Investors can apply for a minimum of 6 shares and its multiples thereafter. It is looking to raise Rs 10,602.65 crore via IPO, which is entirely an offer-for-sale of up to 4,89,72,994 equity shares by Prudential Corp (UK).
According to the data, the investors made bids for 5,82,17,286 equity shares, or 1.66 times, compared to the 3,50,15,691 equity shares offered for the subscription by 2.55 pm on Monday, December 15, 2025. The three day bidding for the issue shall conclude on Tuesday, December 16.
The allocation for retail investors was subscribed 71 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 2.98 times. The portion for eligible shareholders of ICICI Bank was booked 2.16 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 2.21 times as of the same time.
Incorporated in 1993, Mumbai-based ICICI Prudential AMC is an asset management company, whose investment approach has been to manage risk first and aim for long term returns for their customers. It has active quarterly average asset under management (QAAUM). As of September 30, 2025, it has an QAAUM of 10,147.6 billion.
The grey market premium (GMP) of ICICI Prudential AMC has remained stable amid the rising volatility and mixed bidding for the issue. Last heard, the company was commanding a premium of Rs 275-280 per share in the unofficial market, suggesting 12-13 per cent listing gains for the investors.
ICICI Prudential AMC is offered at a reasonable valuation as compared to its larger peers, supported by its industry-leading scale and consistently strong financial performance. It commands the highest Total MF QAAUM at Rs. 8.79 lakh cr, along with a solid Active MF QAAUM of Rs. 7.55 lakh crore, said Nirmal Bang Securities.
"Growth trends remain robust, reflected in a 30% Active MF CAGR and a 31.8 per cent revenue CAGR, both materially ahead of the industry. Profitability remains strong, with an industry-leading EBITDA margin of 71.7 and a robust ROE of 75.4. Given its leading market position, strong growth trajectory, and superior return profile, we assign a 'subscribe' rating with positive outlook," it adds.
For six months ended on September 30, 2025, ICICI Prudential AMC reported a net profit of Rs 1,617.74 crore with a revenue of Rs 2,949.61 crore. Its net profit stood at Rs 2,650.66 crore with a revenue of Rs 4,979.67 crore for the financial year 2024-25. It shall command a total market capitalization of Rs 1.07 lakh crore at the current valuation of the IPO.
ICICI Prudential AMC prioritizes organic expansion by enhancing investment track records and amplifying reach via digital direct channels and distributor partnerships. It eyes scaling its high-potential alternates segment (PMS/AIFs) through targeted mergers, exemplified by the pending Business Transfer Agreement for acquiring Category II AIF schemes, said DR Choksey Finserv.
"International forays include a GIFT City IFSC outpost and DIFC explorations. These moves align with India’s rising equity penetration and household financialization trends. Premium multiples reflect its AUM leadership, operational excellence, and 82.8 per cent FY25 ROE—outpacing peers," it said with a 'subscribe' for its fortified growth runway in a burgeoning AMC landscape," it adds.
ICICI Prudential AMC raised Rs 3,021.75 crore from 149 anchor investors as it finalised allocation of 1,39,57303 shares at Rs 2,165 per share. All Time Plastic has reserved 50 per cent of the net offer for qualified institutional bidders, while non institutional investors will have 15 per cent of allocations. Retail investors will get 35 per cent of the allocation in the IPO.
Citigroup Global Markets India, ICICI Securities, Morgan Stanley India, Goldman Sachs (India), BofA Securities, Avendus Capital, Axis Capital, BNP Paribas and CLSA India are among the 18 the book running lead manager and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with December 19, Friday as the tentative date of listing.