ICICI Prudential AMC IPO GMP sees marginal rise amid robust subscription to Rs 10,603-crore issue

ICICI Prudential AMC IPO GMP rises as subscription begins. 

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.

The IPO, sized at Rs 10,603 crore, saw steady interest by midday, with overall subscription at 11 percent, according to data from the NSE at around 1:15 p.m. The issue opened on December 12 and will remain open until December 16.

As per the exchanges’ consolidated data, the offer received bids for 38.95 lakh shares against 3.5 crore shares on offer.

Retail participation picked up through the session, with the category subscribed 14 percent. The NII category saw 17 percent subscription.

The company, a subsidiary of ICICI Bank, raised Rs 3,022 crore from anchor investors on Thursday.

ICICI Prudential AMC has fixed a price band of Rs 2,061–2,165 per share, valuing the company at around Rs 1.07 lakh crore.

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

Share allotment is likely on December 17, while the stock is proposed to be listed on December 19.