ICICI Prudential AMC IPO: GMP 13% and Subscription 1.3x on Day 2 — Is it Worth Applying?

ICICI Prudential AMC IPO, which has been awaited with bated breath, has slowly but surely been on the investors' radar since it opened.

The initial public offering (IPO) of ICICI Prudential AMC, which opened on December 12, has received big-time interest from various investors and is in the investor's hot list with its subscription amounting to 1.3 times, especially because of the strong participation of the Qualified Institutional Buyers (QIBs).

GMP gives out steady listing expectations

The IPO has been continuously trading at a 13% premium in the grey market which is an indication of the market's cautious optimism and not hype. The upper price band of ₹2,165 implies that the listing price is around ₹2,445; therefore, there is a potential gain of approximately ₹280 per sale. Such an interpretation by the Market is deducted to be a sign of fair valuation that a steady debut is anticipated instead of a big listing pop.

Quick facts regarding the IPO

IPO opens on: December 12, 2025

IPO closes on: December 16, 2025

Price range: ₹2,061 – ₹2,165 per share

Minimum purchase: 6 shares

Allotment date: December 17, 2025

Stock market date: December 19, 2025

Issue type: Restricted Offer for Sale (OFS) by Prudential Corp

Through net banking using the ASBA facility, UPI-based apps, or broker platforms, investors can apply.

Subscription Status (Day 2)

As of December 15, the IPO saw very active participation:

Total subscription: ~1.30x

QIBs: 2.03x

NII: 1.97x

Retail investors: 0.55x

Shareholder quota: 1.61x

Only one day is remaining for the bidding process and market analysts are attentively monitoring whether retail participation increases or not.

The good economic indicators support the long-term health of the company

The brokerages are mostly optimistic about the fundamentals of ICICI Prudential AMC, with their strong market position and competitive business model being the main reasons. The company has 143 mutual fund schemes which it manages as of 30 September 2025, the highest in the Indian industry, across equity, debt, hybrid, passive, and solution-oriented funds.

The company's distribution network is:

272 offices in 23 states and 4 Union Territories

More than 110,000 mutual fund distributors

213 national distributors and 67 banking partners

Another significant advantage is the company's digital-first strategy, where over 95% of its purchase transactions in H1FY26 were through direct digital channels.

Valuations: the main issue

The situation is that while the fundamentals are still strong, the analysts are telling us not to forget that the IPO is at a premium, which means no quick listing gains can be expected. Therefore, professionals are of the opinion that the issue is fine for long-term investors who are looking to get the benefit of the increasing penetration of mutual funds in India, as opposed to short-term traders who want instant profits.

Conclusion

The IPO of ICICI Prudential AMC is a chance to invest in a quality asset management business with a solid market position and the potential for long-term growth. But, given its high price, it's wise for investors to adjust their expectations accordingly — this is more of a slow and steady wealth creation opportunity than a quick listing day victory.