ICICI Prudential AMC IPO Day 3: GMP ranges between ₹280 - ₹300 as bidding enters final day

The ₹10,602 crore Initial Public Offer (IPO) of ICICI Prudential AMC enters its final day of bidding on Tuesday, December 16, with the issue already seeing full subscription on the second day.

However, the portion reserved for retail investors is yet to see full subscription.

ICICI Prudential AMC has received bids for 7.38 crore shares, compared to the 3.5 crore shares on offer in the full Offer For Sale (OFS) issue, taking the overall subscription to 2.11 times the total shares on offer.

Subscription has been led by the Non-Institutional Investors (NIIs), who have bid for 2.64 crore shares, compared to the 69.78 crore shares on offer, taking the total bid to 3.79 times.

Qualified Institutional Bidders (QIBs), whose portion has received bids for 2.7 crore shares, compared to the 93 lakh shares on offer, taking the total subscription to 2.91 times.

The portion reserved for existing shareholders of ICICI Bank has also been subscribed 2.84 times, with bids being placed for 69.46 lakh shares, compared to 24.48 lakh shares on offer.

On the flip side, retail investors have chosen to exercise caution with the portion reserved for them seeing only 83% subscription so far. Bids have been placed for 1.34 crore shares, compared to 1.62 crore shares on offer.

35% of the issue is reserved for retail investors, who can bid for one lot of six shares with a minimum investment of ₹12,990.

Price band of the IPO is between ₹2,061 and ₹2,165.

ICICI Prudential AMC had already raised over ₹3,000 crore from anchor investors before the IPO.

Ahead of the final day of bidding, the unlisted market reports suggest shares of ICICI Prudential AMC trading at a premium between ₹280 to ₹300 per share. However, these reports are speculative in nature and the actual listing price may differ compared to the GMP rates.