The ICICI Prudential AMC IPO has opened today, December 12, 2025, offering investors a chance to invest in one of India's largest asset management companies. The IPO aims to raise ₹10,602.65 crore through an offer for sale of 4,89,72,994 equity shares. The subscription window will be open from December 12 to December 16, 2025. The IPO is priced between ₹2,061 and ₹2,165 per share, with a minimum lot size of 6 shares, requiring an investment of ₹12,990 at the upper price band.

Offer Details and Objectives

This IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any funds from the issue. The selling shareholder is Prudential Corporation Holdings Ltd, which will receive all proceeds after deducting offer-related expenses and applicable taxes. The primary objective of the IPO is to allow the promoter to partially divest its stake, enhance corporate visibility, improve brand image, and provide liquidity to existing shareholders through a public market listing on the BSE and NSE.

Anchor Investors

Ahead of the IPO opening, ICICI Prudential AMC garnered ₹3,021.8 crore from anchor investors. The company allocated 13,953,810 equity shares at ₹2,165 per share to 149 anchor investors. Notable investors include the Government of Singapore, Fidelity, Norges Bank, BlackRock, and domestic mutual funds like SBI MF, HDFC MF, and Axis MF.

Grey Market Premium (GMP)

The grey market premium (GMP) for ICICI Prudential AMC shares is ₹150 per share. This suggests a listing price of ₹2,315, a 6.93% premium over the IPO price of ₹2,165. However, it's important to note that GMP is speculative and not an official indicator. GMP levels ranging between ₹85 to ₹124 per share above the upper band price, implying a pre-listing "market-perceived value" around ₹2,250 to ₹2,289 per share.

Subscription Status

The IPO subscription opens today, and the subscription status will be updated throughout the day. Investors can monitor the subscription levels across Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Individual Investors (RII) categories to gauge investor demand.

Shareholder Quota for ICICI Bank Shareholders

ICICI Bank shareholders have a reserved quota of up to 5% of the issue, potentially increasing their chances of allotment. Eligible shareholders can apply for a maximum of 90 shares in this category, alongside a regular retail bid. To qualify, investors must have held ICICI Bank shares in their demat accounts on or before December 5, 2025.

Financial Performance and Industry Overview

ICICI Prudential AMC has demonstrated consistent financial growth. The company's revenue from operations increased from ₹2,837.35 crore in FY23 to ₹4,977.33 crore in FY25, while profit after tax (PAT) rose from ₹1,515.78 crore to ₹2,650.66 crore during the same period. The Indian mutual fund industry has experienced robust growth, with QAAUM rising from ₹54.1T in March 2024 to ₹77.1T by September 2025.

Listing and Allotment

The allotment is expected to be finalized on December 17, 2025, and the stock is likely to be listed on the BSE and NSE on December 19, 2025.

Brokerage Recommendations

Aditya Birla Capital recommends "SUBSCRIBE" to the issue, citing the company's strong brand and consistent fund performance. Sharekhan noted that the IPO is reasonably priced compared to peers, considering ICICI Prudential AMC's strong market share and profitability.

How to Apply

Investors can apply for the IPO through broker platforms, UPI-enabled apps, or the ASBA facility via net banking. ICICI Bank shareholders can apply through the shareholder quota, potentially increasing their chances of allotment.