ICICI Prudential AMC IPO GMP, valuations, analyst views, peer stock returns & more
The grey market premium (GMP) for ICICI Prudential AMC stands stable at Rs 150 apiece, which is at nearly 7 per cent premium over the upper end of the IPO price band.
- Dec 12, 2025,
- Updated Dec 12, 2025 9:27 AM IST
Backed by investors including the Jhunjhunwala family, Prashant Jain, Manish Chokani and Madhusudan Kela, ICICI Prudential Asset Management Company’s Rs 10,602.65-crore initial public offer (IPO) is set to open for public subscription on Monday, December 12, 2025. The price band for the issue has been fixed at Rs 2,061 to Rs 2,165 per share. Not less than 15 per cent of the net offer was reserved for non-institutional bidders and not less than 35 per cent for retail individual bidders. Prudential, which owned a 49 per cent stake in the asset manager as of September 2025, is looking to sell a 10 per cent stake, or 4,89,72,994 shares, in ICICI Prudential AMC through an offer for sale. It had also sold a 2 per cent stake to ICICI Bank recently.
ICICI Prudential AMC is the largest AMC in equity with a 13.6 per cent market share. Equity and equity-oriented schemes generally carry higher fees compared to non-equity schemes, contributing positively to the operating profitability. These schemes accounted for 55.8 per cent of ICICI Prudential's total mutual fund assets. Analysts called the IPO fairly-valued and recommended subscribing the issue for long-term gains.
"While selective NFOs saw modest traction, the broad product suite—MF, AIF, SIF—acts as a cycle hedge. With low cash levels and active capital rotation, ICICI Prudential AMC remains India’s largest active fund manager, though sustained performance is essential to avoid investor shift to passive products," said Canara Bank Securities, which suggested a 'subscribe' on the issue. GMP, peer stock performance The grey market premium (GMP) for ICICI Prudential AMC stands stable at Rs 150 apiece, which is at nearly 7 per cent premium over the upper end of the price band. HDFC AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC and UTI Asset Management are some of the listed peers. HDFC AMC has delivered 28.13 per cent return in 2025 so far. Nippon Life also gained 9.72 per cent year-to-date, but UTI AMC and Aditya Birla AMC 17.74 per cent and 11.62 per cent, respectively. Upon listing, ICICI Prudential would command a market capitalisation of Rs 1 lakh crore compared with HDFC AMC's Rs 1,14,214.88 crore.
ICICI Prudential IPO valuations With a strong market share, Sharekhan said ICICI Prudential AMC is among the most profitable AMCs in the industry. The IPO is valued at 40 times PE on FY25 earnings is seen fair when compared to the leading players. "Considering, the company’s consistent track record and superior financial metrics the valuations are reasonable. Hence, we recommend subscribing to the IPO from a medium to long-term perspective," Sharekhan said.
ICICI Prudential AMC manages assets worth Rs 8,63,570 crore against HDFC AMC's Rs 8,15,920 crore and Nippon Life's Rs 4,55,040 crore. Its revenue in FY25 stood at Rs 4,683 crore, the highest among peers, with revenue growth of 32 per cent over FY23-25. This is against a revenue growth of 27 per cent for HDFC AMC, 28 per cent for Nippon Life, 17 per cent for Aditya Birla and 14 per cent for UTI AMC. On profitability basis, ICICI Pru AMC's profit grew 32 per cent annually during the same period against 24-25 per cent growth for peers.
FY26 so far Arihant Capital said ICICI Prudential AMC enters FY26 with strong momentum, backed by a capital-light, fee-based model and diversified AUM, with revenue rising from Rs 28,38.20 crore in FY23 to Rs 4,979 crore in FY25, with H1FY26 revenue at Rs 2,949 crore, implying healthy YoY growth. It said Ebitda and PAT for the AMC have also scaled sharply over this period, underscoring robust operating leverage and disciplined cost management.
Should you subscribe? At the upper band of Rs 2,165, the issue implies a market cap of Rs 1.07 lakh crore and a rich P/B multiple of 30.4 times, placing ICICI Prudential AMC at a premium to listed peers. But they are supported by its franchise strength and profitability profile, Arihant Capital said.
"Structural drivers such as rising financialisation of savings, deepening SIP penetration and the company’s strong multi-channel distribution should support steady AUM accretion and annuity-like fee income, though earnings remain exposed to market volatility and regulatory changes in TER and distribution economics. The price band justifies a 'Subscribe for long term' view only for investors with higher risk appetite who are comfortable with valuation and regulatory risks in exchange for leveraged participation in India’s mutual fund growth story," it said.
Anand Rathi called the valuations at 40 times fair when compared to leading peers such as HDFC AMC and Nippon Life AMC. "Considering the company’s consistent track record & superior financial metrics the valuation is fully priced in. Hence, we recommend subscribing to the IPO from the medium to long-term perspective," it said. At 33.1 times annualised H1FY26 earnings, Canara Bank Securities said the valuations are in line with industry averages, though P/BV remains elevated at 27 times vs 10–14 times for peers.
"We recommend to subscribe the issue for Long Term supported by its strong equity AUM, number 2 industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, robust ROE of 80 per cent and stable margins while one needs to be cautious on valuation," it said.
Backed by investors including the Jhunjhunwala family, Prashant Jain, Manish Chokani and Madhusudan Kela, ICICI Prudential Asset Management Company’s Rs 10,602.65-crore initial public offer (IPO) is set to open for public subscription on Monday, December 12, 2025. The price band for the issue has been fixed at Rs 2,061 to Rs 2,165 per share. Not less than 15 per cent of the net offer was reserved for non-institutional bidders and not less than 35 per cent for retail individual bidders. Prudential, which owned a 49 per cent stake in the asset manager as of September 2025, is looking to sell a 10 per cent stake, or 4,89,72,994 shares, in ICICI Prudential AMC through an offer for sale. It had also sold a 2 per cent stake to ICICI Bank recently.
ICICI Prudential AMC is the largest AMC in equity with a 13.6 per cent market share. Equity and equity-oriented schemes generally carry higher fees compared to non-equity schemes, contributing positively to the operating profitability. These schemes accounted for 55.8 per cent of ICICI Prudential's total mutual fund assets. Analysts called the IPO fairly-valued and recommended subscribing the issue for long-term gains.
"While selective NFOs saw modest traction, the broad product suite—MF, AIF, SIF—acts as a cycle hedge. With low cash levels and active capital rotation, ICICI Prudential AMC remains India’s largest active fund manager, though sustained performance is essential to avoid investor shift to passive products," said Canara Bank Securities, which suggested a 'subscribe' on the issue. GMP, peer stock performance The grey market premium (GMP) for ICICI Prudential AMC stands stable at Rs 150 apiece, which is at nearly 7 per cent premium over the upper end of the price band. HDFC AMC, Nippon Life India AMC, Aditya Birla Sun Life AMC and UTI Asset Management are some of the listed peers. HDFC AMC has delivered 28.13 per cent return in 2025 so far. Nippon Life also gained 9.72 per cent year-to-date, but UTI AMC and Aditya Birla AMC 17.74 per cent and 11.62 per cent, respectively. Upon listing, ICICI Prudential would command a market capitalisation of Rs 1 lakh crore compared with HDFC AMC's Rs 1,14,214.88 crore.
ICICI Prudential IPO valuations With a strong market share, Sharekhan said ICICI Prudential AMC is among the most profitable AMCs in the industry. The IPO is valued at 40 times PE on FY25 earnings is seen fair when compared to the leading players. "Considering, the company’s consistent track record and superior financial metrics the valuations are reasonable. Hence, we recommend subscribing to the IPO from a medium to long-term perspective," Sharekhan said.
ICICI Prudential AMC manages assets worth Rs 8,63,570 crore against HDFC AMC's Rs 8,15,920 crore and Nippon Life's Rs 4,55,040 crore. Its revenue in FY25 stood at Rs 4,683 crore, the highest among peers, with revenue growth of 32 per cent over FY23-25. This is against a revenue growth of 27 per cent for HDFC AMC, 28 per cent for Nippon Life, 17 per cent for Aditya Birla and 14 per cent for UTI AMC. On profitability basis, ICICI Pru AMC's profit grew 32 per cent annually during the same period against 24-25 per cent growth for peers.
FY26 so far Arihant Capital said ICICI Prudential AMC enters FY26 with strong momentum, backed by a capital-light, fee-based model and diversified AUM, with revenue rising from Rs 28,38.20 crore in FY23 to Rs 4,979 crore in FY25, with H1FY26 revenue at Rs 2,949 crore, implying healthy YoY growth. It said Ebitda and PAT for the AMC have also scaled sharply over this period, underscoring robust operating leverage and disciplined cost management.
Should you subscribe? At the upper band of Rs 2,165, the issue implies a market cap of Rs 1.07 lakh crore and a rich P/B multiple of 30.4 times, placing ICICI Prudential AMC at a premium to listed peers. But they are supported by its franchise strength and profitability profile, Arihant Capital said.
"Structural drivers such as rising financialisation of savings, deepening SIP penetration and the company’s strong multi-channel distribution should support steady AUM accretion and annuity-like fee income, though earnings remain exposed to market volatility and regulatory changes in TER and distribution economics. The price band justifies a 'Subscribe for long term' view only for investors with higher risk appetite who are comfortable with valuation and regulatory risks in exchange for leveraged participation in India’s mutual fund growth story," it said.
Anand Rathi called the valuations at 40 times fair when compared to leading peers such as HDFC AMC and Nippon Life AMC. "Considering the company’s consistent track record & superior financial metrics the valuation is fully priced in. Hence, we recommend subscribing to the IPO from the medium to long-term perspective," it said. At 33.1 times annualised H1FY26 earnings, Canara Bank Securities said the valuations are in line with industry averages, though P/BV remains elevated at 27 times vs 10–14 times for peers.
"We recommend to subscribe the issue for Long Term supported by its strong equity AUM, number 2 industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, robust ROE of 80 per cent and stable margins while one needs to be cautious on valuation," it said.