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ICICI Prudential AMC share price made a stellar debut in the Indian stock market today, December 19, in line with the upbeat expectations set by its record-breaking subscription and grey market buzz. ICICI Prudential AMC share price was listed on Friday at ₹2,600 apiece on NSE, a 20% premium to its issue price of ₹2,165. On the BSE, the stock began trading at ₹2,606.20, marking a 20.38% rally from the issue price.

This strong listing stands in line with the strong momentum indicated by the grey market premium (GMP). The IPO’s GMP had climbed to ₹520 per share, implying an estimated listing price near ₹2,685, or a 24% premium over the upper end of the price band.

With its market debut, ICICI Prudential AMC has now become the fifth ICICI Group company to list on Indian exchanges, joining ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.

Ahead of the listing, the stock had already earned positive recommendations from brokerages. Prabhudas Lilladher (PL) Capital assigned a ‘buy’ rating on ICICI Prudential AMC shares with a price target of ₹3,000. The brokerage said it expects the asset manager to outperform peers meaningfully over the next few years.

“We expect ICICIAMC to deliver equity average assets under management growth 2.5% higher than the industry over FY25–28, which should translate into a strong 18.5% CAGR in core PAT, supported by its superior distribution and diversified revenue mix,” PL Capital said.

The IPO attracted bids worth nearly ₹3 lakh crore, making it the fourth most-subscribed IPO of the Indian stock market in 2025.

The overall subscription stood at 39.17 times, fuelled overwhelmingly by institutional demand. The Qualified Institutional Buyers (QIB) segment was booked 123.87 times. Meanwhile, the non-institutional investors (NIIs) also showed robust interest with a 22.04 times bids, while the retail category was moderate at 2.53 times.

ICICI Prudential AMC’s IPO opened on December 12 and closed on December 16, with allotments finalised on December 17. The shares listed today, December 19, 2025, on both the NSE and BSE.

The entire ₹10,602.65 crore issue was an offer-for-sale (OFS) of more than 4.89 crore shares by promoter Prudential Corporation Holdings (UK). Since this was a complete OFS, ICICI Prudential AMC will not receive any funds from the IPO.

The price band was fixed between ₹2,061 and ₹2,165, with a lot size of six shares, requiring a minimum retail investment of ₹12,990 at the upper end.

The issue was managed by a consortium of 18 book-running lead managers, including Citigroup Global Markets India, Goldman Sachs (India), ICICI Securities, Morgan Stanley India, BofA Securities, Avendus Capital, Axis Capital, BNP Paribas and CLSA India. Kfin Technologies acted as the registrar.

Founded in 1993 and headquartered in Mumbai, ICICI Prudential AMC is one of India’s leading asset management companies. Its investment philosophy centres on risk-first, long-term value creation for investors. The company operates across mutual funds, portfolio management services, alternative investment funds and advisory services, and it supports these verticals through a nationwide network of 272 offices, reinforcing its reach and distribution strength. The company reported an active quarterly average AUM (QAAUM) of ₹10,147.6 billion as of September 30, 2025, making it the largest asset manager in India by active mutual fund assets.

Financially, ICICI Prudential AMC has continued to strengthen its performance. In FY25, the company’s revenue expanded by 32% year-on-year, while its profit after tax rose 29% during the same period, underscoring the resilience of its operating model. For the six months ended September 2025, ICICI Prudential AMC reported a profit after tax of ₹1,617.74 crore, reflecting sustained momentum in flows and fee income.

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