The ICICI Prudential AMC IPO opened today, marking one of the major listings in the asset management industry of India. The issue will be available for subscription from December 12 to 16, 2025, with a price band set between Rs. 2,061-Rs. 2,165 per share. The entire issue of Rs. 10,602.65 crore is an Offer of Sale (OFS).
ICICI Prudential AMC’s shares were commanding a grey market premium (GMP) of Rs. 120 per share, reflecting healthy sentiment.
A premium of this size suggests expectations of a modest listing gain, provided subscription momentum strengthens through the bidding window.
ICICI Prudential AMC IPO subscribed 0.05 times. The public issue subscribed 0.06 times in the retail category, 0.00 times in QIB (Ex Anchor), and 0.06 times in the NII category by December 12, 2025, 11:14:45 AM
Given its size and the OFS structure, higher institutional flows are expected closer to the closing date.
Issue Size: Rs. 10,602.65 crore
Price Band: Rs. 2,061-Rs. 2,165
Lot Size: 6 shares (For retail investors)
Expected Allotment: December 17, 2025
Likely Listing Date: December 19, 2025 (BSE & NSE)
Registrar: KFin Technologies
Lead Managers: Citigroup, Morgan Stanley, BOFA, Axis Capital, Kotak, Nomura, SBI Capital, Goldman Sachs, HDFC Bank, JM Financial, UBS, and others
ICICI Prudential Asset Management Company is India’s largest AMC, holding a 13.3% share in active mutual fund QAAUM and managing Rs. 10.15 trillion in assets as of September 2025.
The AMC also leads in equity-oriented assets with a 13.6% market share. Its distribution footprint spans 272 offices across 23 states and 4 union territories.
Promoter shareholding will reduce from 100% to 90.09% post-issue, expanding the public float to 9.91%.
Also Read: Prudential Offloads Rs. 4,900 Crore Stake Ahead of ICICI Prudential AMC IPO
Shinde highlights ICICI Pru AMC’s 32-33% revenue and profit growth over FY24-FY25 and considers the valuation at 33x FY26 annualised earnings to be fairly priced.
He notes that the AMC’s strong brand lineage, robust digital presence, diversified schemes, and structural industry tailwinds make it an attractive long-term investment.
Anand Rathi’s team emphasises the company’s industry-leading profitability, strong market share, and healthy financial metrics.
They note that although valuations appear fully priced at 40x FY25 earnings, they remain justified due to ICICI Prudential’s consistency and leadership across categories.
Regulatory changes impacting mutual fund fees and structures
Rising competition from passive funds and fintech-led investing platforms
Market volatility is influencing AUM flows and profitability