ICICI Prudential AMC IPO: How can you apply in two categories; check latest GMP & reviews

The initial public offering (IPO) of ICICI Prudential AMC is set to open for bidding on Friday, December 12, 2025. The leading asset management player has reserved 24,48,649 equity shares for its eligible shareholders of ICICI Bank, the parent company. This quota is valued at Rs 530.13 crore, nearly 5 per cent of the issue size. This allows an eligible investor to make double application.

This means that an investor can apply in two categories in the ICICI Prudential AMC IPO, through retail or HNI quota or shareholders quota, if he held at least one share of ICICI Bank as of date of filing the red herring prospectus (RHP), which in this case is December 05, 2025. Any purchase of shares on or after the date, shall not be considered eligible for the same.

Any investor, whether retail or Hindu undivided family (HUF), holding shares of ICICI Bank in their demat account as of December 05, 2025 can apply for shareholders' quota in ICICI Prudential AMC IPO. They can, on the other hand, also apply for retail or HNI category, if they wish to. In such case the double application will not be rejected.

Any eligible shareholder of ICICI Bank, who meets the December 5 cut-off, can apply for a minimum of 6 equity shares worth Rs 2,165 (upper end of the price band) amounting to Rs 12,990 in the shareholders' quota. An investor can apply for a maximum of 90 equity shares worth Rs 1,94,850 under this category. However, there is no discount under shareholder's quota.

Besides, this an investor can apply for a minimum of 6 equity shares up to a maximum of 90 equity shares or 15 lots under the retail category. However, for HNI category, an investor need to apply for a minimum of 96 equity shares or 16 lots worth Rs 2,07,840. A big HNI investor need to apply for a minimum of 456 equity shares or 76 lots worth Rs 9,87,240.

One should note that application in the eligible shareholders quota may get cancelled in select situations such as bids crossing Rs 2 lakh, not making the mandate for their application or an investor not having the ICICI Bank shares as in the record date. Any mismatch of details may led to rejection in the all the categories of the issue.

The equity cult that started post covid continues to grow as the trend of financialization of savings continues. As the market matures and the depth of the financial market increases, the Asset Management business’s will continue to grow and professionally managed services will be more in demand, said Adroit Financial Services with a 'subscribe' rating for the issue.

ICICI Prudential AMC delivered an industry-leading return on equity of 82.8 per cent in FY25, underpinned by a lean, asset-light model, and a high dividend payout policy, it noted. ICICI Prudential AMC offers a compelling investment proposition due to its leadership in profitable equity segments, its industry attractions, and a relative valuation discount, said Nirmal Bang Institutional Equities.

Last heard, ICICI Prudential AMC was commanding a premium of Rs 120-125 apiece, signaling a listing gains of around 6 per cent for the investors. Interestingly, its GMP hovered around Rs 140-150 a day ago. The volatile sentiments of the secondary markets have been denting the sentiments for primary markets as well.

With a strong market share, ICICI Prudential AMC is among the most profitable AMCs in the industry. IPO is valued at 40 times PE on FY25 earnings, which are fair when compared to the leading players, said Mirae Asset Sharekhan. "Considering its consistent track record and superior financial metrics the valuations are reasonable," it added with a 'subscribe' rating for the IPO.

The issue implies a rich P/B multiple of 30.4 times, placing ICICI Prudential AMC at a premium to listed peers but supported by its franchise strength and profitability profile. This justifies a 'subscribe for long term' view only for investors with higher risk appetite who are comfortable with valuation, said Arihant Capital Markets.

The Rs 10,602.35 crore IPO of ICICI Prudential AMC will be sold in the range of Rs 2,061-2,165 apeice with a lot size of 6 equity shares. The issue will close for bidding on Tuesday, December 16, with listing like on December 19, Friday on both BSE and NSE. The IPO of ICICI Prudential AMC has 18 book running lead managers (BRLMs), while Kfin Technologies is the registrar.

ICICI Prudential AMC has reported a net profit of Rs 1,617.74 crore with a revenue of Rs 2,949.61 crore for the three months ended on September 30, 2025. It clocked a net profit of Rs 2,650.66 crore with a revenue of Rs 4,979.67 crore for the financial year 2024-25. It shall command a market capitalization of more than Rs 1.07 lakh crore.