ICICI Prudential AMC IPO Sees Strong Demand, Oversubscribed 1.37 Times on Day 2

ICICI Prudential AMC IPO Gains Momentum

The initial public offering (IPO) of ICICI Prudential Asset Management Company has gained significant traction on its second day of bidding, with the issue being oversubscribed 1.37 times. This indicates robust demand from investors, who have placed bids for 4.72 crore shares against the 3.50 crore shares on offer.

Key Highlights of the IPO

• The IPO is a 100% offer for sale (OFS), with a price band of Rs 2,061-2,165 per share.
• The minimum application size is six shares.
• The three-day IPO subscription window will remain open until December 16.

Grey Market Premium (GMP) and Listing Expectations

The grey market premium (GMP) for the ICICI Prudential AMC IPO has climbed to around 14%, up from 9.3% earlier, signaling rising investor confidence. Based on the current GMP of Rs 292, the IPO is expected to list at approximately Rs 2,457 per share, indicating healthy listing-day gains if market sentiment remains positive.

Subscription Status and Investor Interest

As of December 15, 2025, the ICICI Prudential AMC IPO was 1.37 times subscribed overall. Category-wise, Retail Individual Investors (RIIs) subscribed to 58% of their allotted 1.62 crore shares, while Non-Institutional Investors (NIIs) oversubscribed their quota 2.16 times. Qualified Institutional Buyers (QIBs) drove the demand, subscribing 2.03 times of their allocated 93.04 lakh shares.

Brokerage Views and Recommendations

Brokerages such as Anand Rathi and Swastika Investmart have given the issue a 'Subscribe' rating, citing the company's strong market share, high profitability, and consistent growth. They note that the IPO values the company at around 40 times FY25 earnings, comparable to peers like HDFC AMC and Nippon India AMC.

ICICI Prudential AMC: Business Overview and Growth Prospects

ICICI Prudential AMC manages Rs 10.1 lakh crore of active mutual fund assets and commands a 13.3% market share. The company has a strong distribution network, with 272 branches across India and a nationwide network of over 7,000 branches through ICICI Bank. Its AUM growth has closely tracked the broader industry cycle, with a three-year CAGR of over 32% in both revenue and profit.

Risks and IPO Outlook

Key risks include potential regulatory changes, intensifying competition, fee compression, and market volatility. However, the company's leadership in India's long-term savings market, robust profitability, and expanding investor base position the IPO as a direct play on the structural growth of the asset management industry.