ICICI Prudential AMC IPO: GMP crashes sharply; check key details of this mega issue

ICICI Prudential Asset Management Co has announced its initial public offering, setting a price band of Rs 2,061 to Rs 2,165 per share. The IPO, an offer for sale of 4.9 crore shares by Prudential Corp Holding, opens for subscription on 12 December and closes on 16 December. At the upper end of the band, the issue is valued at about Rs 10,603 crore.

Prudential Corp Holding's stake will reduce from 49 per cent to around 39 per cent, while ICICI Bank retains its 51 per cent holding. Anchor bidding is scheduled for 11 December, with the basis of allotment on 17 December. Refunds and demat credits are set for 18 December, and the listing is planned for 19 December.

The grey market premium (GMP) of ICICI Prudential AMC has taken a big hit as it has corrected to Rs 130 apeice, suggesting a 6 per cent upside. However, its GMP stood around Rs 180-200 over the weekend. The recent volatility in the equity markets has dented the sentiments.

There are 18 lead managers, including Citigroup, Morgan Stanley, BofA, Axis Securities, CLSA, IIFL Capital, Kotak Mahindra Capital, SBI Caps, ICICI Bank, Goldman Sachs, Avendus, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama, and UBS.

The IPO is a pure offer for sale. The minimum investment amount and details on lot size or reservation percentages for QIB, NII, RII, and anchor allocations have not been specified in the available information. The entire offer comprises a divestment by Prudential Corp Holding, with no fresh capital being raised.

The company is targeting a valuation of $12 billion (Rs 1,07,091 crore) to $12.5 billion (Rs 1,11,438 crore) for the IPO, with the issue size likely between $1.2 billion and $1.25 billion. Upon listing, ICICI Prudential AMC will become the fourth ICICI Group firm to be traded on domestic stock exchanges, joining ICICI Bank, ICICI Prudential Life Insurance, and ICICI Lombard General Insurance.

ICICI Prudential Asset Management is India’s second-largest asset manager by quarterly average assets under management (QAAUM), holding a 13.2 percent market share. The company reported a profit of Rs 1,618 crore and revenue of Rs 2,949.4 crore for the half-year ending September 2025, up 21.9 percent and 20 percent year-on-year. For the financial year ended March 2025, profit rose 29.3 percent to Rs 2,650.7 crore, while revenue grew 32.4 percent to Rs 4,977.3 crore. It operates 143 mutual fund schemes, the highest among domestic asset managers.

ICICI Prudential AMC faces competition from other listed asset management companies, including HDFC AMC, Nippon Life India Asset Management, UTI AMC, and Aditya Birla Sun Life AMC. Market data such as grey market premium trends, subscription status, and key financial metrics have not been detailed in the available context