The Indian stock market witnessed a powerful debut on Friday, December 19, as shares of ICICI Prudential Asset Management Company (AMC) began trading at a significant premium. The listing fulfilled the high expectations set by its record-breaking initial public offering (IPO) subscription and positive grey market activity.
A Powerful Market Entry
ICICI Prudential AMC share price was listed at ₹2,600 on the National Stock Exchange (NSE), representing a solid 20% gain over its issue price of ₹2,165. On the Bombay Stock Exchange (BSE), the stock commenced trading at ₹2,606.20, marking an even higher premium of 20.38%. This strong performance was in line with the bullish signals from the grey market, where the premium (GMP) had surged to ₹520 per share, hinting at a potential listing near ₹2,685.
With this listing, ICICI Prudential AMC has become the fifth company from the ICICI Group to be publicly traded on Indian exchanges. It now joins its group peers: ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.
Brokerage Bullishness and IPO Frenzy
Ahead of the listing, brokerages had already turned optimistic on the stock's prospects. Prabhudas Lilladher (PL) Capital assigned a 'buy' rating with a price target of ₹3,000. The brokerage firm expects the asset manager to significantly outperform its competitors in the coming years.
"We expect ICICI AMC to deliver equity average assets under management growth 2.5% higher than the industry over FY25–28, which should translate into a strong 18.5% CAGR in core PAT, supported by its superior distribution and diversified revenue mix," analysts at PL Capital stated.
The public offer itself was a monumental success. The IPO attracted bids worth nearly ₹3 lakh crore, making it the fourth most-subscribed IPO of 2025. The overall subscription stood at an impressive 39.17 times. Demand was led overwhelmingly by institutional investors, with the Qualified Institutional Buyers (QIB) segment booked 123.87 times. Non-institutional investors (NIIs) also showed robust interest with 22.04 times bids, while the retail category was subscribed 2.53 times.
IPO Details and Company Fundamentals
The IPO opened for subscription on December 12 and closed on December 16, with share allotments finalized on December 17. The entire ₹10,602.65 crore issue was an offer-for-sale (OFS) of over 4.89 crore shares by the promoter, Prudential Corporation Holdings (UK). As a complete OFS, the company itself will not receive any fresh funds from the IPO proceeds.
The price band was set between ₹2,061 and ₹2,165, with a lot size of six shares. This meant a minimum retail investment of ₹12,990 at the upper end of the band. A consortium of 18 book-running lead managers, including giants like Citigroup, Goldman Sachs, ICICI Securities, and Morgan Stanley, managed the issue, with Kfin Technologies acting as the registrar.
Founded in 1993 and headquartered in Mumbai, ICICI Prudential AMC is India's largest asset manager by active mutual fund assets, with an active quarterly average AUM (QAAUM) of ₹10,147.6 billion as of September 30, 2025. The company operates on a philosophy of risk-first, long-term value creation and has a wide network of 272 offices across the country.
Financially, the company is on a strong growth trajectory. In FY25, its revenue expanded by 32% year-on-year, while profit after tax rose 29%. For the six months ended September 2025, ICICI Prudential AMC reported a profit after tax of ₹1,617.74 crore, highlighting sustained momentum in its business flows and fee income.
