ICICI Prudential AMC IPO GMP: Rs 10,603-crore IPO subscribed 72% on Day 1 - Check GMP, price band and more

• Qualified Institutional Buyers (QIB) – 1.97 times
• Non Institutional Investors (NII) – 0.37 times
• Retail Individual Investors (RII) – 0.21 times
• TOTAL: 0.72 times

The IPO opened a day after ICICI Prudential AMC raised Rs 3,021.8 crore from 149 anchor investors, including major domestic mutual funds, top global institutions and large insurers.

"The Indian equity markets in India achieved record levels in terms of market capitalization of listed companies and the benchmark index performance. As of September 2025, India’s market capitalisation stood at Rs. 449 trillion, driven by positive sentiments and robust growth in equity and IPO listings and rising foreign investments. The Indian mutual fund industry has seen strong growth in recent years, supported by a robust domestic economy, steady inflows, and increasing participation from individual investors. Growth has been led by the equity segment, with QAAUM rising from Rs 24.5 trillion in March 2019 to Rs 67.4 trillion in March 2025, reflecting an 18.4% CAGR, and reaching Rs 77.1 trillion by September 2025. PMS are usually focused on customized discretionary, non-discretionary or advisory service offerings tailored to meet specific investment objectives through portfolio management services for stocks, cash, fixed income, debt, structured products and other individual securities. As on March 2025, the closing AUM of PMS asset managers stood at approximately Rs. 37.8 trillion, reflecting a CAGR of 15.4% over the last nine years. Alternative assets include equity, private equity, private debt (dealing mainly in performing credit, distressed assets, real estate credit, and infrastructure funds), early-stage ventures, special opportunity funds, and art. The AUM for alternative investments in India is expected to grow at 31-33% between March 2025 and March 2030 and reach Rs 53 - 56 trillion by March 2030. With a comprehensive suite of mutual fund offerings, growing alternates business, and leadership in equity-oriented and hybrid segments, ICICI Prudential AMC is well-positioned to capitalize on the continued expansion of India’s equity markets , and sustain its dominance through scale, brand strength, and operational excellence. Investors may consider the IPO as a potential long-term investment opportunity," said Master Capital Services.

According to platforms tracking the grey market activities, the shares of ICICI Pru AMC are commanding a GMP between 7-9 percent in the unregulated market. Investorgain quoted a GMP of Rs 187 for the shares of the company, indicating a listing gain of 8.64 percent. IPO Watch quoted a GMP of 7.15 percent.

• Qualified Institutional Buyers (QIB) - 0.60 times
• Non Institutional Investors (NII) - 0.24 times
• Retail Individual Investors (RII) - 0.17 times
• TOTAL: 0.31 times

The IPO is priced in the range of Rs 2,061 to Rs 2,165 per share. For retail investors, the minimum bid size is six shares, translating to a base application amount of Rs 12,990. For non-institutional investors, the entry point is much higher - sNII must apply for at least 16 lots (96 shares) worth Rs 2,07,840, while bNII need to bid for 77 lots (462 shares) amounting to Rs 10,00,230.

ICICI Prudential Asset Management Company’s grey market premium inched up on Friday as the Rs 10,603-crore initial public offering opened for public subscription. According to platforms tracking the grey market activities, the shares of ICICI Pru AMC are commanding a GMP between 7-9 percent in the unregulated market. Investorgain quoted a GMP of Rs 187 for the shares of the company, indicating a listing gain of 8.64 percent. IPO Watch quoted a GMP of 7.15 percent. (Read More)

Qualified Institutional Buyers (QIBs) -- 0.01

Non Institutional Investors(NIIS)  -- 0.20

Retail Individual Investors (RIIs) -- 0.14

Reservation PortionShareholder -- 0.26

Total -- 0.13

The ET report also says that the households with several demat accounts can increase odds further by ensuring the first holder is the ICICI Bank shareholder in each eligible account. Each account can then submit a separate shareholder-category application.

In high-demand IPOs, the shareholder bucket can be advantageous because it's smaller and exclusive. Applying once in the shareholder pool and once in the retail pool gives you two independent chances.

Joint demat accounts also qualify, as long as the first holder is an ICICI Bank shareholder on the record date.

If your shareholder application is up to Rs 2 lakh, choose the cut-off option. It increases your chances because the bid stays valid regardless of the final issue price.

An ET report says the shareholder quota and retail/HNI quotas work independently. You can place two bids at the same time:

One under the ICICI Bank shareholders' reservation (up to 90 shares)

Another as a retail investor (up to Rs 2 lakh) or as sNII/bNII if you apply above Rs 2 lakh.

Both bids are treated separately and are not duplicates.

ICICI Prudential AMC's Rs 10,602 crore IPO is now open, featuring a special quota for ICICI Bank shareholders. This reserved portion - up to 5% of the issue - can improve the odds of allotment. Eligible shareholders can apply for up to 90 shares in this category in addition to a regular retail bid, effectively doubling their chances across two separate pools.

ICICI Prudential Asset Management Company, the country’s largest active fund manager, is set to make its public market debut through a Rs 10,603-crore offer for sale, with the offer opening today. Currently, there are around five listed peers: HDFC AMC, Nippon Life India AMC, UTI AMC, Canara Robeco AMC and Aditya Birla Sun Life AMC. A close look at the numbers in the RHP shows a clear trend that on most operational and financial parameters, ICICI Prudential AMC maintains a clear and widening lead. (Read More)

Given the sectoral tailwinds, attractive valuation, and the vantage positioning, the company can be a long-term compounder (Read More)

Once listed, ICICI Prudential AMC will become the fifth ICICI Group company to debut on the stock exchanges, joining ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities. Investors tracking the IPO will keep a close eye on subscription trends across institutional and retail categories, along with any shifts in the grey market premium.

Issue size: Rs 10,602.65 crore (fully an offer for sale of 4.90 crore shares)

Price band: Rs 2,061-2,165

Lot size: 6 shares; minimum retail investment of Rs 12,990

Subscription period: December 12-16

Allotment date: December 17

Listing date: December 19 (BSE and NSE)

Registrar: KFin Technologies

Book-running lead manager: Citigroup Global Markets India

Reservations: QIBs up to 50%, Retail at least 35%, NIIs at least 15%

ICICI Prudential AMC’s Rs 10,603-crore IPO saw a modest but steady start in early trade on Friday, with the public issue subscribing 0.03 times (3 percent) by 10:30 am on Day 1. The maiden public offering from the ICICI Group’s asset management arm opened for subscription today and will remain open until December 16. According to consolidated NSE and BSE data, ICICI Prudential AMC IPO received bids for 8.96 lakh shares against 3.5 crore shares on offer for the public. Retail investors were the most active in early hours, subscribing 4 percent of their quota. The category saw bids for 5.76 lakh shares against an allocation of 1.63 crore shares, with the bulk coming through cut-off bids. (Read More)

ICICI Prudential AMC's latest GMP is Rs 168, as per InvestorGain (updated on December 12, 2025, at 10:36 AM). With the upper price band at Rs 2,165, the estimated listing price works out to Rs 2,333 (cap price + GMP), implying a potential listing gain of 7.76% per share, according to InvestorGain.

Siddharth Maurya of Vibhavangal Anukulakara called the IPO a rare chance to invest in a large, asset-light, high-cash-flow franchise. He noted that while the business may appeal to long-term investors, the stock's performance after listing will largely be influenced by sectoral fund flows, regulatory developments, and market sentiment toward AMC earnings.

ICICI Prudential Asset Management Company attracted some of the largest domestic and global investors in the market for its anchor book as well as its private placement round. The fund house saw strong participation from top mutual fund houses, sovereign wealth funds, global asset managers, major insurers, and several well-known market veterans, highlighting the demand for the issue, which will debut at a Rs 1.07 lakh crore valuation. (Read More)

Abhinav Tiwari of Bonanza underscored the company's leadership in active fund management, its diversified product suite and solid financial profile. He said current valuations look "fair," backed by steady PAT growth and strong returns enabled by a wide distribution network and a digital-first operating model. However, he cautioned that rising competition and the growing shift toward passive investing could put long-term pressure on fee yields.

Market experts remain positive overall, while acknowledging the typical risks associated with the AMC business model. Kalp Jain of INVasset PMS said rising retail participation in mutual funds, steady SIP flows, and deeper financialisation continue to underpin long-term visibility for asset managers. He added that future performance will depend more on AUM growth, fee yields, and equity mix than on the headline offer size.

The AMC has delivered robust performance in recent years. For the six months ended September 2025, profit rose 22% to Rs 1,617.7 crore, while revenue increased 20% to Rs 2,949.4 crore. Analysts point to its operating leverage, strong equity franchise, industry-leading ROE of 82.8% in FY25, and a faster-than-peers revenue CAGR of 24% over the past four years.

ICICI Prudential AMC - the joint venture between ICICI Bank and Prudential Corporation established in 1998 - is India's second-largest asset manager, holding a 13.2% share of QAAUM and managing Rs 8.8 trillion in assets as of March 2025. The fund house runs 143 schemes, the widest lineup in the industry, covering equity, hybrid, passive products, PMS, AIFs and offshore advisory mandates.

In the unlisted market, ICICI Prudential AMC's shares were trading at a grey market premium of around 5-6%, with some trackers indicating premiums as high as Rs 114 per share ahead of the listing.

The anchor round also attracted international heavyweights including Capital Group, MAS (Singapore), Temasek, Fidelity, JP Morgan, BlackRock, Goldman Sachs and the Abu Dhabi Investment Authority. Indian insurers such as LIC, SBI Life, Tata AIA and HDFC Life were also part of the investor list.

Ahead of the public opening, the company secured Rs 3,021.8 crore from 149 anchor investors, allotting 1.39 crore shares at the top end of the price band. Domestic mutual funds bought about a third of the allotment - 46.62 lakh shares - with participation from HDFC AMC, SBI MF, WhiteOak, Kotak, Axis MF, DSP, Quant MF and others.

Since the issue consists solely of a share sale by the promoter, the AMC will not receive any proceeds from the IPO. After listing, Prudential Corporation Holdings' stake is expected to decline from 44.5% to 34.5%.

Good morning and welcome to Moneycontrol. ICICI Prudential Asset Management Company's Rs 10,603-crore IPO opens today (Friday, December 12), making it one of the largest public issues of the year. The offer is entirely an OFS by UK-based partner Prudential Corporation Holdings. The subscription window remains open until December 16, with a price band of Rs 2,061-2,165 per share, valuing the AMC at nearly Rs 1.07 lakh crore.