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Investor attention turned sharply to ICICI Prudential Asset Management Company Ltd on Tuesday as the allotment for its blockbuster initial public offering (IPO) was finalised.

The ₹10,600 crore issue, which ran from December 12 to December 16, has become one of India’s most hotly contested public offers, drawing nearly ₹3 lakh crore in bids through 55 lakh applications, the highest for any IPO in 2025. This makes ICICI Prudential AMC IPO the fourth-largest subscription amount in 2025.

By the final day of bidding, the IPO was subscribed 39.17 times, witnessing overwhelming demand by investors. The issue received bids for 137.14 crore shares against the 3.5 crore shares on offer, signalling broad-based demand across market participants. The qualified institutional buyers (QIB) category was subscribing 123.87 times, which alone translated into bids worth ₹2.49 lakh crore. Non-institutional investors (NIIs) bids about 22 times, attracting bids of nearly ₹33,295 crore, while retail investors booked roughly 2.5 times.

The depth of investor participation places the issue ahead of other major names this year. Tata Capital’s IPO saw around 23.6 lakh applications, HDB Financial Services received roughly 43 lakh, and LG India drew close to 65 lakh. Against this backdrop, ICICI Prudential AMC’s 55 lakh applications reflect extraordinary public interest, amplifying expectations for a strong listing when the stock debuts on December 19 on both the BSE and NSE.

PL Capital noted that the company’s scale, distribution power, and equity yields make it stand out among peers.

“We initiate coverage on ICICIAMC with a ‘BUY’ rating, valuing at 38x Sep’27 core EPS to arrive at a target price of ₹3,000,” the brokerage said. It added that the company benefits from market-leading net equity flow share of 17.5% in 8MFY26, superior equity yields of 67 basis points, the strong funnel provided by ICICI Bank with 73.7% of MF sales, and a diversified revenue profile with non-MF income contributing 9.2%. PL Capital expects the company’s equity AAuM CAGR over FY25–28E to be 2.5% higher than the industry, pushing core PAT to grow at 18.5% CAGR.

The grey market premium (GMP) continues to signal strong listing sentiment, with market sources indicating a premium of ₹351—the highest yet for the issue. At this GMP, the stock could list near ₹2,516, implying a potential 16.21% premium over the IPO price.

The ₹10,602.65 crore IPO is entirely an offer for sale of 4.90 crore shares, with no fresh issue component. Citigroup Global Markets India Pvt Ltd acted as the book-running lead manager, while Kfin Technologies Ltd served as the registrar. The lot size was fixed at 6 shares, requiring a minimum retail investment of ₹12,990 at the upper price band of ₹2,165 per share.

Upon listing, ICICI Prudential AMC will become the fifth listed entity under the ICICI Group umbrella, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.

The issue drew one of the most diverse institutional investor pools in recent years, with 74 anchor investors and 26 pre-IPO investors. Participants included sovereign wealth funds such as Temasek, GIC, Abu Dhabi Investment Authority and Lunate; 19 of India’s top 20 mutual funds; 15 insurance companies; and three pension funds. Global institutions including Capital Group, Fidelity, Norges Bank Investment Management, FMR, JP Morgan, BlackRock, Aberdeen, Wellington, Goldman Sachs and WhiteOak also participated. Large Indian family offices—from Premji and HCL to the Hero family and the Times Group—featured as well.

ICICI Prudential AMC, India’s largest asset manager by active mutual fund AUM, reported strong financial performance with 32% revenue growth and 29% PAT growth in FY25. For the half-year ending September 2025, the company posted ₹1,617.74 crore in PAT. Its operations span mutual funds, PMS, AIFs and advisory services, supported by a nationwide distribution network of 272 offices.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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