ICICI Prudential AMC IPO Opens Tomorrow: Shares Likely to List at Premium

ICICI Prudential Asset Management Company, the largest active mutual fund manager in India, is going to come up with its initial public offering (IPO) tomorrow, December 12. The whole issue is a complete offer-for-sale (OFS) of 4.90 crore shares, estimated at Rs 10,602.65 crore, which is a large-scale listing for the company on the stock exchange.

The IPO will be accessible for public subscription until December 16, during which the price range has been set at Rs 2,061 and Rs 2,165 per share. The grey market's early indications are a share premium of Rs 119, which will lift the listing price to about Rs 2,284, indicating a possible gain of 5.5% over the upper price band.

The subscription for the ICICI Prudential AMC IPO starts on Friday, December 12, and ends on Tuesday, December 16. The allotment of shares is expected to be done on December 17, with the tentative listing on BSE and NSE on December 19.

The entire IPO is an OFS wherein the shares will be sold by Prudential Corporation Holdings, one of the two promoters of the company. ICICI Bank Limited, the other promoter, holds 51% of the total equity. The company will not generate new funds from this issue, as the payments are made to the shareholders selling their shares.

Established in 1993, ICICI Prudential AMC offers a comprehensive and diversified range of investment products such as mutual funds, portfolio management services (PMS), alternative investment funds (AIF), and advisory services for off-shore clients. As of September 30, 2025, the company had reported a Quarterly Average Assets Under Management (QAAUM) of Rs 10,147.6 billion.

ICICI Prudential AMC has exhibited remarkable financial performance over the last few years. For the company's profits, there was an increase of Rs 534 crore over the three years from FY23 to FY26, with the figures being Rs 2,049 crore for FY24, Rs 2,650 crore for FY25, and Rs 1,617 crore in the first half of FY26. The revenue streams expanded from Rs 2,837 crore in FY23 to Rs 4,977 crore in FY25, with operations revenue sustaining Rs 2,949 crore in the half-year period of FY26.

Retail investors have the option of taking part by making a minimum investment for the allotment of six shares that would cost around Rs 12,990. The share distribution will be done according to the standard categories: up to 50% for qualified institutional buyers (QIBs), at least 35% for retail investors, and at least 15% for non-institutional investors.

Brokerage Sharekhan has stated that ICICI Prudential AMC is the most profitable asset management company in India. The pricing of the IPO at the upper price band puts it at about 40 times FY25 earnings, which the brokerage finds to be okay compared to the competitors. Analysts recommend considering the company’s strong yearly performance and solid financials thus medium to long-term subscription could be a win-win situation for the investors.

Citigroup Global Markets India, Morgan Stanley India, BofA Securities India, Axis Capital, CLSA India, IIFL Capital, Kotak Mahindra Capital, Nomura Financial Advisory, SBI Capital Markets, ICICI Securities, Goldman Sachs India, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal, Nuvama Wealth, and UBS Securities India are the IPO's book-running lead managers. KFin Technologies Limited has been appointed as the registrar for the issue.

The IPO of ICICI Prudential AMC is likely to be an outstanding success to the market, thus gaining the interest of both retail and institutional investors from all over India.