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Unlisted shares of ICICI Prudential AMC Ltd are trading at Rs 2,480 apiece in the grey market, which is a GMP of 14.55% over the IPO issue price, indicating moderate listing.
ICICI Prudential AMC IPO.
ICICI Prudential AMC IPO GMP: The initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) opened for public subscription has been closed today, Tuesday, December 16. The price band of the Rs 10,602-crore IPO has been fixed in the range of Rs 2,061 to Rs 2,165 per share. On the final day of bidding on Tuesday, the IPO received a total of 39.17 times subscription, garnering bids for 1,37,14,88,316 shares as against 3,50,15,691 shares on offer.
Its retail category got a 2.53x subscription, while its non-institutional investor (NII) quota got a 22.04x subscription. The QIB category received a 123.87x subscription.
It raised Rs 3,022 crore from anchor investors on December 11, a day before the opening of its mega-initial share-sale for public subscription.
ICICI Prudential AMC IPO GMP Today
According to market observers, unlisted shares of ICICI Prudential AMC Ltd are currently trading at Rs 2,480 apiece in the grey market, against the upper IPO price of Rs 2,165. It means a grey market premium (GMP) of 14.55%, indicating moderate listing for the company.
The GMP had stood at 13.9% on Monday.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
ICICI Prudential AMC IPO: Analysts’ Recommendations
Brokerages remain broadly constructive on the ICICI Prudential AMC IPO, citing the company’s scale, strong equity franchise and resilient profitability. Canara Bank Securities notes that India’s mutual fund industry is still significantly underpenetrated, with the AUM-to-GDP ratio at just 19.9 per cent in FY25. The shift of individual investors towards equity-oriented schemes has supported better fee realisations and stickier assets, helping strengthen the AMC’s long-term operating profile.
The brokerage highlights the company’s rapidly expanding SIP book, with monthly systematic inflows rising to 48 billion in September 2025 from 23.5 billion in March 2023. Over FY23–FY25, average AUM, operating revenue and profit after tax all delivered robust CAGRs of around 32–33 per cent. Operating margins remained steady at 73–74 per cent, while cash flow generation held firm at 1x of PAT. It also points out that while the issue’s valuations at 40.4x FY25 and 33.1x annualised H1FY26 earnings are broadly in line with peers, the price-to-book multiple remains elevated at 27x for H1FY26 and 30x for FY25, compared with 10–14x for comparable AMCs. Even so, the brokerage has assigned a ‘Subscribe for Long Term’ rating, citing ICICI Prudential’s strong equity AUM, second-largest industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, high ROE of 80 per cent and stable margins.
Analysts at Anand Rathi share a similar view. They argue that ICICI Prudential AMC, backed by a sizeable market share, is among the most profitable asset managers in the country. At the upper end of the price band, the stock is valued at around 40x FY25 earnings — a level the brokerage considers reasonable when compared with other leading players such as HDFC AMC and Nippon Life AMC. While they believe valuations are fully priced, the firm’s long-standing performance and robust financial metrics make a compelling case. Anand Rathi recommends subscribing to the IPO from a medium- to long-term perspective.
ICICI Prudential AMC IPO: More Details
ICICI Prudential AMC set a price band of Rs 2,061 to Rs 2,165 per share for the issue, valuing the company at about Rs 1.07 lakh crore ($11.86 billion).
The IPO is an entirely offer-for-sale (OFS) of more than 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings, meaning the company will not receive any proceeds from the offering.
Currently, the ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent.
Once listed, ICICI Prudential AMC will become the latest asset manager to debut on Indian stock exchanges, joining players such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
It will also be the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.
The company is scheduled to make its stock market debut on December 19.
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