ICICI Prudential AMC IPO Sees GMP Cooling to 5% Ahead of Issue

ICICI Prudential Asset Management Company (AMC) is about to unveil its biggest market debut ever in 2025. The asset management behemoth hopes to issue its long-awaited Initial Public Offering (IPO) of shares for more than ₹10,600 crores on the primary market.

This issue is going to be the fourth-largest IPO of 2025 after Tata Capital, HDB Financial Services and LG Electronics India, and it is one of the major stock market entries done by Indian financial companies.

Huge IPO with Huge Market Buzz

The public issue is fully an Offer for Sale (OFS), where shareholder Prudential Corporation Holdings Ltd will sell off up to 4.89 crore equity shares. Further, 24.48 lakh shares are earmarked for eligible ICICI Bank shareholders.

The IPO has been making noise in the grey market even before its subscription window opens. The GMP (Grey Market Premium) soared to ₹137 this week before inking at ₹114 on December 11. Analysts, however, say that despite the dip, listing gains still seem to be possible.

As per the current GMP, the estimated listing price comes to around ₹2,279, which means a 5.27% premium over the upper price band.

ICICI Prudential AMC IPO – Price Band & Lot Size

• Price band: ₹2,061 – ₹2,165 per share
• Issue size: ₹10,602.65 crore (fully OFS)
• Retail lot size: 6 shares (minimum investment ₹12,990)
• Small NII: 16 lots (₹2,07,840)
• Big NII: 77 lots (₹10,00,230)

U. K. based Prudential Corporation will be selling more than 1.76 crore shares as part of this IPO. According to Bloomberg, the listing could be worth $1.2 billion, thus placing the AMC's value at nearly $12 billion.

Citigroup Global Markets India is the bookrunning lead manager for the offering while KFin Technologies is the registrar.

Significant ICICI Prudential AMC IPO Dates

• Subscription starts: December 12
• Subscription ends: December 16
• Allotment finalisation: December 17
• Shares credited / Refunds: December 18
• Listing on BSE & NSE: December 19

The company will not be able to utilize any funds since the IPO is a total OFS.

About ICICI Prudential AMC

ICICI Prudential AMC is one of the top asset management companies in India with Assets Under Management (AUM) of ₹10,87,690 crore as of September 30,2023. The firm is also exhibiting a strong financial performance by the growth trends.

Strong Financial Performance

During the first half of fiscal year 2025 (ending September 30):

• Profit after tax: ₹1,617.74 crore (22% YoY growth)
• Total income: ₹2,949.6 crore (20% YoY growth)

These impressive figures are likely to be the reason for the investors' confidence during the IPO period.