Investors who applied for the ICICI Prudential Asset Management Company (AMC) IPO earned strong returns on the very first day of listing. The share, which has a face value of ₹1, was listed on the BSE at ₹2,606.20.
During the IPO, shares were offered at ₹2,165 each. This resulted in a listing gain of ₹441.20 per share, translating into a profit of about 20.38% on day one.
With an issue size of ₹10,602 crore, this IPO stands out as one of the largest IPOs of 2025. The strong listing clearly reflected positive investor sentiment toward the company.
Gray Market Premium (GMP) Before Listing
Before the shares were officially listed, the IPO was already attracting attention in the unofficial market. The gray market premium (GMP) for ICICI Prudential AMC rose to around 24.62%, or approximately ₹533 per share.
This steady rise in GMP indicated strong demand and positive expectations among investors even before listing.
Since investors were allotted shares at ₹2,165, the GMP suggested a solid listing gain, which eventually played out on the stock exchange.
IPO Subscribed Nearly 39 Times Overall
The IPO received an overwhelming response across all investor categories. Overall, it was subscribed 39.17 times, highlighting strong confidence in the company and its future prospects.
Qualified Institutional Buyers (QIBs) showed the highest interest, subscribing their portion nearly 124 times.
Non-Institutional Investors (NIIs) subscribed their share around 22 times.
Retail investors subscribed 2.53 times, indicating decent participation from small investors as well.
The category reserved for ICICI Bank shareholders was subscribed about 10 times.
This strong demand, especially from institutional investors, reflects trust in India’s largest asset management company.
Entire IPO Was an Offer for Sale (OFS)
The ICICI Prudential AMC IPO was entirely structured as an Offer for Sale (OFS). A total of 49 million shares were sold by existing shareholders. Since it was an OFS, the company itself will not receive any fresh funds from the IPO.
Even after the listing, ICICI Bank and Prudential Corporation will continue to hold more than 90% stake in the company. The IPO valued the asset manager at a pre-IPO market capitalization of around ₹1.07 lakh crore.
What ICICI Prudential AMC Does
ICICI Prudential AMC is India’s largest asset management company in terms of active mutual fund assets. As of September 30, 2025, the company managed quarterly average assets exceeding ₹10.1 lakh crore.
Its business spans multiple segments, including:
Mutual funds
Portfolio management services
Alternative investment funds (AIFs)
Advisory services
The company also has a strong nationwide presence, operating through 272 offices across India, supported by a wide and well-established distribution network.
Financial Performance and Valuation
The company has shown consistent growth in its financial performance. In FY25, its revenue increased by 32%, while profit after tax (PAT) grew by 29%.
For the six-month period ending September 2025, the company reported a PAT of ₹1,617.74 crore. ICICI Prudential AMC operates a capital-light business model, meaning it does not require heavy capital investment.
This allows it to generate strong cash flows and deliver excellent profitability.
The company boasts one of the highest return ratios in the industry, with a Return on Equity (RoE) of over 80%.
At the IPO price, the stock is valued at around 33 times post-issue earnings, reflecting investor confidence in its long-term growth potential.
