ICICI Prudential AMC IPO Day 3 GMP: Rs 10,603-crore IPO closes with 39x subscription, check latest GMP

Ahead of listing, the unlisted shares of the company were trading with 15.57% grey market premium (GMP) over the IPO price, according to data on Investorgain.

• Qualified Institutional Buyers (QIB) — 123.87
• Non Institutional Investors (NII) — 22.04
• Retail Individual Investors (RII) — 2.53
• Shareholder — 9.75
  Total — 39.17

Ahead of listing, the unlisted shares of ICICI Prudential AMC were trading with 15.98% grey market premium (GMP) over the IPO price, according to data on Investorgain.

• Qualified Institutional Buyers (QIB) — 46.36
• Non Institutional Investors (NII) — 20.08
• Retail Individual Investors (RII) — 2.09
• Shareholder — 8.72

Total — 17.90

ICICI Prudential, backed by a strong market position, ranks among the most profitable asset management companies in the industry. At the upper price band, the company is valued at around 40 times its FY25 earnings, a multiple that is broadly in line with peers such as HDFC AMC and Nippon Life AMC. Given its consistent performance track record and robust financial metrics, the valuation appears to be fully priced. On this basis, Anand Rathi Share and Stock Brokers Limited recommends subscribing to the IPO with a medium- to long-term investment horizon.

Qualified Institutional Buyers (QIBs)        -- 21.54

Non Institutional Investors(NIIS) -- 16.26

Retail Individual Investors (RIIs) -- 1.76

Reservation PortionShareholder -- 7.28

Total -- 10.29

According to data available on InvestorGain.com, the latest grey market premium (GMP) for the ICICI Prudential AMC IPO stood at Rs 336, last updated at 12:53 pm on December 16, 2025. Based on the upper end of the price band at Rs 2,165, the IPO's estimated listing price is around Rs 2,501, calculated by adding the GMP to the cap price. This implies an expected upside of about 15.52 per cent per share, as per InvestorGain.com.

Qualified Institutional Buyers (QIBs) --7.46

Non Institutional Investors(NIIS) -- 12.81

Retail Individual Investors (RIIs) -- 1.52

Reservation Portion Shareholder -- 6.30

Total -- 5.68

Qualified Institutional Buyers (QIBs) -- 4.35

Non Institutional Investors(NIIS) -- 7.55

Retail Individual Investors (RIIs) -- 1.15

Reservation PortionShareholder -- 4.36

Total - 3.50

India's mutual fund industry has posted robust growth over the past five years, supported by a resilient domestic economy, strong inflows and rising participation from retail investors. The expansion has been led largely by the equity segment, where assets have grown sharply over the past decade. Industry QAAUM jumped by more than Rs 13 trillion to a record Rs 67.4 trillion in March 2025 from Rs 54.1 trillion in March 2024, and continued to climb to Rs 77.1 trillion as of September 2025, reflecting sustained momentum.

Over the six-year period, industry QAAUM expanded at a CAGR of 18.4%, rising from Rs 24.5 trillion in March 2019 to Rs 67.4 trillion in March 2025. In view of this strong growth trajectory and long-term potential, Adroit Financial Services has recommended subscribing to the ICICI Prudential Asset Management Company IPO for long-term investment.

Extensive scheme lineup: ICICI Prudential AMC managed 143 mutual fund schemes as of September 30, 2025 - the highest number handled by any asset management company in India - offering options across risk profiles and investment horizons.

Equity and equity-oriented schemes The AMC offers 44 equity and equity-oriented schemes, spanning large-cap, flexi-cap, sectoral and thematic funds such as technology and banking, along with solution-oriented offerings.

Debt schemes:  There are 20 debt schemes that cover the full yield curve and credit spectrum, ranging from overnight funds to long-duration bond funds and credit risk funds.

Hybrid schemes: The hybrid portfolio includes key offerings such as the flagship Balanced Advantage Fund and the Multi-Asset Fund.

Passive schemes: ICICI Prudential AMC manages 61 passive schemes, comprising exchange-traded funds (ETFs) and index funds.

Other schemes: The remaining portfolio includes 15 fund-of-funds, along with one liquid fund, one overnight fund and one arbitrage fund.

ICICI Prudential AMC is among India's leading asset managers, supported by strong parentage and a dominant presence in active mutual fund schemes. The company benefits from synergies with the ICICI Bank brand and its extensive pan-India distribution network, which underpin its long-term growth prospects. Between FY23 and the first half of FY26, total QAAUM, mutual fund QAAUM and equity QAAUM recorded CAGRs of 33 per cent, 33 per cent and 39 per cent, respectively.

At the upper price band, the IPO is valued at a 1HFY26 annualised price-to-earnings multiple of 33.1x. The broader Indian mutual fund industry is projected to grow at a CAGR of around 16-18 per cent, with industry-wide SIP AUM expected to expand by 25-27 per cent during FY25-30P. This growth, driven by increasing financialisation of household savings and rising demat account penetration, augurs well for ICICI Prudential AMC's long-term outlook, SBI Securities said.

The book running lead managers to the issue include Citigroup Global Markets, Morgan Stanley India, BOFA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital, Nomura Financial Advisory, SBI Capital Markets, ICICI Securities, Goldman Sachs (India), Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Oswal Investment Banking, Nuvama Wealth Management and UBS Securities India.

Beyond its core mutual fund operations, the company has steadily expanded its alternatives business, managing a QAAUM of Rs 729.3 billion as of September 30, 2025. Its Portfolio Management Services (PMS) arm caters to high-net-worth individuals and family offices, offering strategies such as Contra, PIPE and Value, with PMS QAAUM at Rs 253.7 billion.

In the Alternative Investment Funds (AIF) segment, the company offers Category II and III funds focused on private credit, real estate and long-short equity strategies, with AIF QAAUM of Rs 146.5 billion. Additionally, through its offshore advisory business, it advises Eastspring Investments-Prudential plc's asset management arm-on India-focused equity and debt products distributed globally. The offshore advisory QAAUM stood at Rs 329.1 billion.

Backed by a strong market share, the company ranks among the most profitable asset management companies in the industry. At the upper price band, the IPO is valued at around 40x FY25 earnings, which is broadly in line with leading peers. Given ICICI Prudential AMC's consistent performance and robust financial metrics, the valuation appears reasonable. Accordingly, Sharekhan recommends subscribing to the IPO with a medium- to long-term investment horizon.

ICICI Prudential AMC has established a deeply penetrated, pan-India distribution network. As of September 30, 2025, the asset manager operated 272 offices spread across 23 states and four Union Territories. Its extensive reach spans 110,719 mutual fund distributors, 213 national distributors, and 67 banking partners, including promoter ICICI Bank. Digital channels-through the i-Invest app and the company website-dominated transactions, contributing 95.3% of purchase volumes in the first half of FY26.

Unlisted market indicators suggest the stock is trading at a grey market premium of Rs 280 to Rs 300 per share, though these figures remain speculative and may not reflect the actual listing price.

Ahead of the public issue, ICICI Prudential AMC raised over Rs 3,000 crore from anchor investors, providing a strong base to the offering.

The IPO is priced in the range of Rs 2,061 to Rs 2,165 per share.

Retail investors account for 35 percent of the total issue and can apply for a minimum lot size of six shares, requiring an investment of Rs 12,990.

Retail investors have shown relative caution, with their segment subscribed only 83 percent so far. Bids have been placed for 1.34 crore shares against 1.62 crore shares reserved.

The portion reserved for existing ICICI Bank shareholders has been subscribed 2.84 times, with bids for 69.46 lakh shares versus 24.48 lakh shares available.

Qualified Institutional Buyers have subscribed 2.91 times their allocated portion, bidding for 2.7 crore shares against the 93 lakh shares on offer.

Non-Institutional Investors have driven subscription, placing bids for 2.64 crore shares compared to 69.78 lakh shares reserved for the category, resulting in a 3.79 times subscription.

ICICI Prudential AMC has received bids for 7.38 crore shares against 3.5 crore shares available under the Offer For Sale, translating into an overall subscription of 2.11 times.

The IPO achieved full subscription on the second day itself, with overall demand crossing the shares on offer, although retail participation continues to lag.

Good morning and welcome to Moneycontrol. The Rs 10,602 crore initial public offering of ICICI Prudential AMC is set to close on Tuesday, December 16, marking the third and final day of subscription.