ICICI Prudential Asset Management Company’s ₹10,603 crore initial public offering (IPO) garnered steady demand on its first bidding day, achieving a subscription rate of 0.72 times. The qualified institutional buyers (QIB) category showed notable interest, with a subscription rate of 1.97 times. However, the retail and non-institutional segments were underwhelming in comparison.
The retail individual investors (RII) segment recorded a subscription of just 0.21 times, receiving bids for 33.82 lakh shares out of 1.62 crore shares available. Meanwhile, the non-institutional investors (NII) category saw a slightly better performance, with a subscription rate of 0.37 times, attracting bids for 26.07 lakh shares against the 69.78 lakh shares set aside for this group. The shareholder reservation portion was only subscribed at 0.44 times.
Among QIBs, foreign institutional investors showed the most robust interest, submitting bids for 86.43 lakh shares, followed by domestic financial institutions with bids for 46.19 lakh shares and mutual funds contributing 26.03 lakh shares.
The IPO is priced in a range of ₹2,061 to ₹2,165 per share, comprising solely an offer for sale by Prudential Corporation Holdings Ltd, with no new issue component. At the upper price limit, the company’s projected post-listing valuation is ₹1.07 lakh crore.
ICICI Prudential AMC is recognized as India’s largest asset management company based on active mutual fund quarterly average assets under management, boasting a market share of 13.3% as of September 2025. The total mutual fund quarterly average assets under management (QAAUM) for the company amounted to ₹10.1 trillion.
Yes Securities has issued a ‘Subscribe’ recommendation, highlighting the company’s commitment to profitability with an operating profit yield of 36 basis points and a strong return on equity of 82.8% for FY25. The IPO is set to close on December 16, 2025.
This information was published on December 12, 2025.
