ICICI Prudential AMC IPO subscribed 39 times, second highest subscription in 2025

ICICI Prudential Asset Management’s initial public offering (IPO) drew an overwhelming response from investors on Tuesday, with bids worth nearly Rs 3 lakh crore, making it the fourth most-subscribed public issue in India. The Rs 10,600-crore IPO was subscribed 39.17 times by the close of bidding on December 16, driven largely by strong institutional demand.

The issue ranks among the most sought-after IPOs in the Indian market, trailing only Reliance Power’s record-breaking issue in 2007, LG Electronics India’s IPO earlier this year, and Bajaj Housing Finance’s public offering in 2024. The robust response underscores sustained investor appetite for quality financial services businesses, particularly in the asset management space.

ICICI Prudential AMC’s IPO is priced in the range of Rs 2,061 to Rs 2,165 per share and was open for subscription from December 12 to December 16. The issue carries a grey market premium (GMP) of around 13 per cent, reflecting positive listing expectations among market participants. The allotment of shares is expected to be finalised on December 17, with the stock slated to list on the BSE and NSE on December 19.

The IPO is entirely an offer for sale (OFS), meaning the company will not receive any fresh capital from the issue. Instead, existing shareholders are offloading part of their holdings, making the transaction primarily an ownership reshuffle rather than a capital-raising exercise.

Investor participation was broad-based, with around 55 lakh applications received. The qualified institutional buyers (QIB) segment, excluding anchor investors, led the charge, subscribing to the issue a massive 123.87 times and bidding for shares worth approximately Rs 2.49 lakh crore. The non-institutional investor (NII) category also showed strong interest, subscribing 22 times with bids worth about Rs 33,295 crore. Retail investors subscribed to the issue 2.5 times, reflecting healthy participation from individual investors as well.

Final subscription tally

Total: 39.17 times
Qualified Institutional Buyers(QIBs): 123.87 times
Non-Institutional Investors: 22.04 times
Retail Individual Investors(RIIs): 2.53 times
Shareholders: 9.75 times

ICICI Prudential AMC is a joint venture between ICICI Bank and UK-based insurer Prudential, with the IPO structured entirely as an offer for sale of over 48.9 million shares by Prudential. It is India’s largest asset manager, commanding a 13.3% share of active mutual fund QAAUM as of September 30, 2025.

The firm leads several key segments, with a 13.6% share in Equity and Equity-Oriented QAAUM amounting to Rs 5,66,630 crore, and a dominant 25.8% share in Equity-Oriented Hybrid QAAUM at Rs 1,91,230 crore. Its alternatives business—including PMS, AIFs and offshore advisory—has also expanded rapidly, with assets under management of Rs 72,930 crore. This scale gives the company strong operational advantages across fund management, marketing and distribution.

Last week, the AMC raised Rs 3,021.8 crore from nearly 100 anchor investors at Rs 2,165 per share, while a pre-IPO placement with institutional investors garnered about Rs 4,815 crore.