ICICI Pru AMC IPO GMP rises ahead of issue opening on Dec 12; here's all you need to know

ICICI Pru AMC IPO GMP rises ahead of issue opening on December 12.

The grey market premium (GMP) for the initial public offering (IPO) of ICICI Prudential Asset Management Company has firmed up ahead of the issue opening on December 12.

Data from platforms tracking unofficial market activity show the shares are quoting a premium of around 6 percent, according to IPO Watch. Earlier, it was quoting around 4-5 percent.

ICICI Prudential AMC, a subsidiary of ICICI Bank, has set a price band of Rs 2,061–2,165 per share for the public issue, which values the fund house at Rs 1.07 lakh crore.

The Rs 10,602-crore IPO will open for subscription on December 12 and close on December 16. The anchor book will be launched on December 11.

ICICI Bank currently holds a 51 percent stake in the asset manager, while the remaining 49 percent is owned by joint venture partner Prudential Corporation Holdings. In June, the bank said its board had approved an additional 2 percent increase in its stake in the company.

The issue will make ICICI Prudential AMC the fifth asset management firm to list on domestic exchanges, after HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.

ICICI Prudential AMC IPO: Here is how it stacks up against peers

It will also be the fifth entity from the ICICI Group to go public, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance and ICICI Securities.

ICICI Prudential AMC shares will list on the exchanges on December 19, while the allotment is expected by December 17.