ICICI Prudential Asset Management Company (AMC) kicked off its journey as a publicly traded entity with a robust debut on the stock exchanges this Friday. The shares of the asset manager began trading at a significant premium of approximately 20% over its issue price, reflecting strong investor appetite for the stock.
Strong Market Debut and Initial Trading
The company's shares were listed for trading on both premier Indian exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). In early morning trade, around 10:20 AM, the stock was seen trading at Rs 2,605.10 on the NSE, marking a gain of Rs 5.10 or 0.20%. On the BSE, the share price reached Rs 2,609.30, up by Rs 3.10 or 0.12%.
This positive listing was anticipated in the unofficial grey market, where the shares were commanding a premium (GMP) of Rs 510–525. This had signaled potential listing gains of roughly 23.5% over the issue price of Rs 2,165.
Overwhelming Investor Response to the Public Offer
The initial public offering (IPO) of ICICI Prudential AMC witnessed an overwhelming response from all categories of investors. The issue closed 39.17 times oversubscribed overall. The demand was led by institutional investors.
Qualified Institutional Buyers (QIBs) subscribed a massive 123.87 times the portion reserved for them. The segment for Non-Institutional Investors was booked 22.04 times, while Retail Individual Investors subscribed 2.53 times. The portion for existing shareholders saw a subscription of 9.75 times.
Brokerages Maintain Positive Long-Term Outlook
Leading brokerages have maintained a constructive view on the stock for the long haul, citing the company's strong market position and India's underpenetrated mutual fund industry.
Canara Bank Securities pointed out that the Indian mutual fund market remains underpenetrated, with the Assets Under Management (AUM) to GDP ratio at 19.9% in FY25. They highlighted the growth in equity-oriented schemes and Systematic Investment Plan (SIP) inflows, which have risen to Rs 48 billion in September 2025 from Rs 23.5 billion in March 2023. The brokerage noted that ICICI Prudential AMC saw its average AUM, revenue, and profit after tax grow at a 32–33% Compound Annual Growth Rate (CAGR) between FY23 and FY25, with high margins. While acknowledging the stock's elevated valuation multiples compared to peers, they recommended subscribing for the long term, backed by strong equity AUM and robust return on equity.
Anand Rathi Share and Stock Brokers emphasized the AMC's strong market share and profitability. The brokerage stated that trading at about 40x P/E on FY25 earnings, the valuation is fair compared to leading industry players. Considering the company's consistent track record and superior financial metrics, they advise subscribing to the IPO from a medium to long-term perspective.
Mehta Equities also suggested subscribing for the long term, stating that the firm offers exposure to India's largest and most diversified fund house, which is backed by a formidable market position.
The successful listing of ICICI Prudential AMC underscores the confidence of market participants in the growth story of India's asset management industry and the strength of established players with robust parentage and financials.
