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ICICI Prudential AMC’s market capitalisation post listing of shares stood at ₹1.28 lakh crore. The stock listed at ₹2,600 per share on the NSE, a premium of 20.09% over it’s issue price. On the BSE, the shares were listed at ₹2,606.20 apiece, a premium of 20.3%.

On the BSE, the shares were listed at ₹2,606.20 apiece, a premium of 20.3%. This followed a heavily subscribed public offering that closed on Tuesday.

Shares of ICICI Prudential AMC made strong stock market debut to list at a 20% premium over IPO price. The stock listed at ₹2,600 per share on the NSE, a premium of 20.09% over it’s issue price. The company had set a price band of ₹2,061-2,165 per share for its issue.

ICICI Prudential AMC IPO shares are likely to debut at a 20% premium to the issue price. The stock is trading at ₹2,606.20 in BSE pre-open.

ICICI Prudential AMC will become the fifth asset management company to list on Indian stock exchanges after HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management. It will also be the fifth company from the ICICI Group to be listed on the bourses.

While HDFC AMC has long been considered the highest quality listed asset manager in India, ICICI Prudential AMC is now matching or even surpassing it across several key performance metrics.

Citigroup Global Markets India, Axis Capital, BofA Securities India, Morgan Stanley India Company, IIFL Capital Services, CLSA India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities, and SBI Capital Markets are acting as the book running lead managers for the issue.

Ahead of the IPO opening, ICICI Prudential AMC raised ₹3,021.8 crore from anchor investors. The anchor book saw participation from several marquee global institutions, reflecting strong institutional interest in the issue.

At the upper end of the price band of ₹2,165, ICICI Prudential AMC is valued at about 27 times its September 2027 core earnings per share. This is at a discount of around 16% to 17% compared with peers such as HDFC AMC and Nippon Life India AMC, which trade at nearly 32 times earnings.

PL Capital believes the company could eventually command a valuation premium over HDFC AMC, driven by a stronger distribution network and superior revenue diversification, while maintaining similar profitability.

ICICI Prudential AMC is the most profitable player in India’s mutual fund industry. The fund house commands the highest profit after tax market share of 17.4% in FY25, underlining its strong scale, operating leverage and diversified revenue base.

After PL Capital, Equirus Securities has also initiated coverage on ICICI Prudential AMC ahead of its Dalal Street debut. The brokerage has assigned a ‘Long’ rating on the stock with a March 2027 price target of ₹2,900 per share.

The ₹10,602 crore IPO is entirely an offer for sale of 4.89 crore shares by UK-based Prudential Corporation Holdings. Since there is no fresh issue component, ICICI Prudential AMC will not receive any proceeds from the IPO, with the entire amount going to the selling shareholder.

The IPO of ICICI Prudential AMC opened on December 12, and closed on December 16. The price band was fixed at ₹2,061 to ₹2,165 per share, valuing the company at around ₹1.07 lakh crore. Retail investors applied for a minimum of one lot of six shares, requiring an investment of ₹12,990. Around 35% of the issue was reserved for retail investors.

ICICI Prudential AMC’s IPO has seen one of the strongest demand signals in recent primary market history.

The issue attracted bids worth nearly ₹3 lakh crore from about 55 lakh applications, making it the fourth-largest subscription amount ever for an Indian public offer.

In comparison, Tata Capital’s IPO saw around 23.6 lakh applications, HDB Financial Services about 43 lakh, while LG’s India issue drew close to 65 lakh applications.

PL Capital, part of the Prabhudas Lilladher Group, has initiated coverage on ICICI Prudential AMC ahead of its market debut on December 19. It has a ‘Buy’ rating on the stock with a price target of ₹3,000 per share.

Prashanth Tapse recommends investors to hold their allotment with a long term view. For those who did not receive allotment, Mehta Equities advises against chasing the stock on listing day. Investors are encouraged to wait for more reasonable entry levels after listing, as near-term volatility or price consolidation cannot be ruled out amid cautious market sentiment.

On the valuation front, the ICICI Prudential AMC IPO implied a market capitalisation of ₹1,07,007 crore. Analysts believe the issue is fairly priced when compared with listed peers, factoring in the company’s scale, diversification and market position.

Prashanth Tapse of Mehta Equities expects ICICI Prudential AMC to list in the ₹2,450 to ₹2,500 range, implying a 13% to 16% premium over the issue price. The outlook is backed by strong subscription traction and sustained investor interest in what is seen as the country’s largest and most diversified asset management company.

Subscription for the ICICI Prudential AMC IPO was led by institutional investors.

The portion reserved for Qualified Institutional Bidders (QIBs) was subscribed 124 times the shares on offer.

The portion reserved for non-institutional investors (NIIs) was subscribed 22 times, while the one reserved for retail saw 2x subscription.

ICICI Bank shareholders also had a quota in the IPO and their portion was subscribed 10x.

Grey Market (GMP) rates for ICICI Prudential AMC are indicating that the stock trades at a premium between ₹355 to ₹370, indicating a listing premium between 17% to 18% compared to its issue price.

However, GMP rates are purely speculative in nature and the actual listing price could be very different from those rates.

ICICI Prudential AMC’s ₹10,602 crore IPO received a healthy response from investors during the course of its three-day bidding process.

The IPO was a complete offer for sale (OFS), meaning the company did not receive any proceeds from the issue.

More details in subsequent posts.

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