ICICI AMC IPO Live: Day 2 Subscription Update, Investors Eye Gains

Bidding for ICICI Prudential Asset Management Company’s initial public offering (IPO) is ongoing as the issue enters its second day. The public offering, valued at approximately Rs 10,602 crore, opened on December 12 and will remain available for investors until December 16. Grey Market Premium (GMP) on the IPO has surged by 13%, signaling strong investor interest ahead of the expected listing.

IPO Snapshot

Price Band: Rs 2,061 – Rs 2,165 per share

Subscription Window: December 12 – 16

Allotment Date: December 17

Listing Date: December 19

This IPO is structured entirely as an offer-for-sale, with no fresh capital going to the company. Existing shareholders are offloading approximately 4.89 crore shares, making this primarily a transfer of ownership rather than a fundraising exercise.

As of 11:46 IST, the overall subscription stood at 1.17 times. Qualified Institutional Buyers (QIBs) led the demand, subscribing 1.97 times, while non-institutional investors accounted for 1.65 times. Retail participation has remained moderate at 0.47 times.

Anand Rathi Research highlighted ICICI Prudential AMC’s robust market position and consistent financial performance, recommending the IPO for medium to long-term investors. Mehta Equities noted that with a P/E of 33x based on FY26 annualized earnings and a market cap-to-AUM ratio of 10.55%, the valuation is reasonable in comparison with peers like HDFC AMC and Nippon Life AMC.

Arihant Capital emphasized that the IPO, priced at a P/B of 30.4x at the upper band, reflects a premium but aligns with the company’s profitability and market standing. Analysts indicated that long-term gains may come from the growing financialization of household savings, expanding SIP penetration, and multi-channel distribution.

ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Corporation, manages a diverse range of mutual fund schemes, portfolio management services, and ETFs. The firm holds a leading position in the Indian mutual fund industry, commanding a 13.3% market share in active mutual fund QAAUM and 13.6% in equity-oriented QAAUM as of September 2025.

Citigroup Global Markets India is the book-running lead manager, overseeing regulatory coordination and institutional investor engagement. Kfin Technologies is managing the registrar functions, including share allotment, refund processing, and demat account crediting.

The IPO allocation divides shares among investor categories: 50% for QIBs, 35% for retail investors, and 15% for non-institutional participants. Additionally, 24.48 lakh shares are reserved for eligible ICICI Bank shareholders based on the cut-off date outlined in the red herring prospectus.

The Securities and Exchange Board of India (SEBI) has introduced measures aimed at transparency, including updated Total Expense Ratio (TER) guidelines, the Mutual Funds Lite framework for passive schemes, and interoperable platforms for smoother transactions. ICICI Prudential AMC’s market leadership, coupled with favorable trends in household financialization, positions the company to maintain steady asset growth.

Investors applying under the retail category must bid for a minimum of six shares, translating to an investment of roughly Rs 12,990 at the upper price band. Applications below this lot size will not be accepted.

Allotment results are expected on December 17, with shares credited to investors’ demat accounts the following day. The IPO is scheduled to debut on both the Bombay Stock Exchange and the National Stock Exchange on December 19.

Live tracking and updates for ICICI Prudential AMC IPO, including subscription status, GMP, allotment, and listing details, continue throughout the bidding period.

The IPO offering, which was valued at the upper band with a P/B of 30.4x, indicated that the stock price was not surprisingly high. Nevertheless, it was in consistent tune with the company’s profitability and market position. The analysts suggested that the long-term investors could be rewarded due to household savings getting financialized more, the SIP penetration shooting up, and the distribution through multiple channels increasing.

The asset manager, ICICI Prudential AMC, a partnership of ICICI Bank and Prudential Corporation, offers a wide spectrum of mutual funds, portfolio management services, and ETFs. The company is the top player in the Indian mutual fund market and has a 13.3% market share in the active mutual funds QAAUM and 13.6% in the equity-oriented QAAUM segment as of September 2025.

Citigroup Global Markets India is the lead book runner responsible for coordinating with regulators and engaging institutional investors. Kfin Technologies is in charge of handling the registrar functions, such as allotting shares, processing refunds, and crediting demat accounts.

The IPO allocation is done in such a way that the total number of shares is divided among the different investor categories: 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional participants. Besides, 24.48 lakh shares are reserved for eligible ICICI Bank shareholders according to the cut-off date mentioned in the red herring prospectus.

To support market integrity SEBI has introduced several transparency measures, among which one can find the revised Total Expense Ratio (TER) regulations, the Mutual Funds Lite framework for passive schemes, and interoperable platforms that ease transactions. ICICI Prudential AMC’s dominance in the market together with the current trends in the financialization of households makes it possible for the company to secure continuous growth of assets.

The investors who are going to apply under the retail category have to place a minimum bid for six shares which is going to be approximately Rs 12,990 if the upper price band is considered. Any application that is below this lot size will be considered invalid.

The allotment results are to be expected on December 17, with shares being transferred to shareholders' demat accounts the very next day. The IPO will have its launch on both the Bombay Stock Exchange and the National Stock Exchange on December 19.

ICICI Prudential AMC IPO with the live tracking and updates about subscription status, GMP, allotment, and listing details continues to be available throughout the bidding period.