ICICI Prudential AMC IPO Listing: Stock Debuts With 20% Premium on Dalal Street
ICICI Prudential AMC shares debut with a strong 20% premium on Dalal Street, reflecting robust investor demand across institutional and retail segments.
ICICI Prudential AMC stock lists at a premium on NSE and BSE, marking a strong market debut.
The stock exchanges celebrated a strong opening for the ICICI Prudential Asset Management Company (ICICI Prudential AMC), the subsidiary of ICICI Bank, as the listing took place at a very nice markup over the issue price.
The IPO was offered at ₹2,165 per share, which was the maximum of the ₹2,061-₹2,165 price range. On the very first day of trading, the stock quote was ₹2,600 on NSE and ₹2,606 on BSE, giving rise to a 20 percent premium on the issue price.
The auction for the public issue, amounting to ₹10,602.65 crore, comprised 3.50 crore shares which were very much wanted by investors. Over 137 crores shares were bidding for the IPO, showcasing great demand coming from all categories. The QIB part was 123.87 times oversubscribed, while the NII part was 22.04 times oversubscribed. The retail investor section was 2.53 times oversubscribed.
At the moment of listing, ICICI Prudential AMC had a market valuation of around ₹1.07 lakh crore. The interesting part is that this IPO was just an OFS (Offer for Sale) and it was the whole company that did not get any fresh money from the issue. As a part of the OFS, Prudential Corporation of the UK, one of the promoters, offloaded 4.89 crore shares.
Following the IPO, the shareholding structure stayed the same with ICICI Bank keeping 51 percent of the company's shares and Prudential holding 49 percent.
After this IPO, ICICI Prudential AMC got listed beside HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Nippon Life India's Asset Management, and Shriram AMC, which has further solidified the footprint of the mutual fund sector on Indian equity markets.
