The grey market premium (GMP) of ICICI Prudential Asset Management Company Ltd’s initial public offering (IPO) rose to about 14 percent on Monday, as the Rs 10,603-crore issue was subscribed over two times on the second day of bidding.
According to market trackers, shares of ICICI Prudential AMC, a subsidiary of ICICI Bank, were commanding a premium of 12–14 percent in the unlisted market.
Data from Investorgain showed a GMP of Rs 268 per share, indicating a potential listing gain of 12.38 percent, while IPO Watch pegged the premium at around 14 percent.
The issue was fully subscribed on Monday, with bids received for about 7.38 crore shares against 3.5 crore shares on offer, translating into an overall subscription of 2.11 times.
The company had raised Rs 3,022 crore from anchor investors ahead of the issue.
The IPO has a price band of Rs 2,061 to Rs 2,165 per share, valuing the company at around Rs 1.07 lakh crore.
On listing, ICICI Prudential AMC will join 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 on the stock exchanges, after ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.
Currently, ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent.
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