All eyes on ICICI Prudential AMC’s IPO as GMP suggests a listing population of 13%. What investors should pay attention to this week

ICICI Prudential Asset Management Company’s Rs 10,603 crore IPO is already heating up ahead of its launch on Friday, with a gray market premium of Rs 280 per share indicating a potential listing of 13%, an early signal of strong demand for one of the most anticipated offerings of the year in the Indian asset management industry.The fund house has set a price range of Rs 2,061–2,165 per share for the offer, which opens on Friday, December 12 and closes on Tuesday, December 16. The anchor book opens on Thursday, December 11. Investors can bid for a minimum of 6 common shares and thereafter in multiples of 6.

ICICI Prudential AMC GMP points to 13% gain

On the unofficial market, ICICI Prudential AMC shares were trading at a premium of Rs 280 above the top end of the price range, implying an estimated listing price of Rs 2,445. The gray market pricing of 13% suggests investors are positioning themselves for a solid debut.

Pure offer for sale from Prudential

The IPO is entirely an offer for sale, with promoter Prudential Corporation Holdings Limited looking to offload up to 48,972,994 shares. The offer comes as AMC consolidates its leadership as India’s largest active mutual fund manager, as measured by average assets under management per quarter.

India’s largest active fund manager

ICICI Prudential AMC, a joint venture between ICICI Bank (51%) and Prudential Corporation Holdings Limited (49%), has been in business since 1998. As of FY25, it held a 13.3% share of the active Indian mutual fund industry, with a total QAAUM of Rs 8.8 lakh crore.

A recent CRISIL report shows that the equity and equity-oriented QAAUM market share stands at 13.4%, the highest in this category. The hybrid equity funds are also leading the industry in terms of market share.

The financial journey of ICICI Prudential AMC

The company’s financial performance underlines its size. Profit after tax increased at a CAGR of 32.2% to Rs 2,650.6 crore between FY23 and FY25. Pre-tax profit grew at a CAGR of 32% to Rs 3,240 crore over three years, cementing its status as India’s most profitable AMC on an operational basis.

Leading managers

A wide range of global and domestic banks manage the offering. The Book Running Lead Managers include Citigroup Global Markets India Private Limited, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, BofA Securities India Limited, Avendus Capital Private Limited, Axis Capital Limited, BNP Paribas and HDFC Bank. KFin Technologies Limited is the registrar.Also read | ICICI Prudential AMC sets a price band of Rs 2,061–2,165 for its Rs 10,603 crore IPO

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