ICICI Prudential AMC IPO Listing Live Updates: Analysts project up to 34% upside for asset manager

ICICI Prudential AMC IPO Listing Live Updates:

The shares of ICICI Prudential Asset Management Company will be making their stock market debut today after a healthy response to its ₹10,602 crore initial public offering (IPO). Grey Market (GMP) rates are indicating that the stock trades at a premium between ₹355 to ₹370, indicating a listing premium between 17% to 18% compared to its issue price. However, GMP rates are purely speculative in nature and the actual listing price could be very different from those rates. The stock has already received two "buy" recommendations from analysts before its listing, with PL Capital and Equirus initiating coverage with their bullish stance. Both the brokerages anticipate the stock to test levels up to ₹3,000, indicating a potential upside of close to 34% from its issue price of ₹2,165. Subscription to the issue was led by institutional investors, while the retail portion also saw full subscription by the final day of bidding. Watch this space for all the live updates.