ICICI Prudential AMC IPO GMP rises on final day of subscription as issue sees robust 17x demand

ICICI Prudential AMC IPO GMP rises on Day 3 of subscription. 

The grey market premium (GMP) of ICICI Prudential Asset Management Company’s initial public offering rose on the final day of subscription on Tuesday, as the issue saw robust demand crossing 17 times.

According to platforms tracking grey market activity, shares of ICICI Prudential AMC were commanding a premium of about 14–15 percent in the unregulated market. Investorgain quoted a GMP of Rs 345, indicating a potential listing gain of 15.94 percent, while other trackers pegged the premium at around 14 percent.

The initial public offering of ICICI Prudential Asset Management Company Ltd, an arm of ICICI Bank, was fully subscribed on the second day of bidding on Monday, driven largely by institutional investors.

As per NSE data on December 16 at 2:30 p.m., , the issue received bids for 61.55 crore shares against 3.50 crore shares on offer, translating into a subscription of 17.58 times.

The non-institutional investors’ portion was subscribed 19.81 times, while the quota for qualified institutional buyers (QIBs) was subscribed 45.44 times. The retail individual investors’ segment was subscribed 2.05 times.

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Earlier, the company raised Rs 3,022 crore from anchor investors.

The IPO is priced in a band of Rs 2,061–2,165 per share, valuing the asset manager at about Rs 1.07 lakh crore.

Upon listing, ICICI Prudential AMC will join other listed asset management companies such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.

It will also become the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.

ICICI Prudential AMC IPO share allotment is likely to be finalised on December 17, while share listing is scheduled on December 19.