What is the story about?
Shares of ICICI Prudential Asset Management Company, one of India's largest asset managers, will be in focus on Friday, January 16, as the one-month shareholder lock in period ends.
According to Nuvama Alternative & Quantitative Research, around 7 million shares of the company, representing nearly 1% of its outstanding equity, will become eligible for trading.
It must be noted that the end of the shareholder lock-in does not mean all the shares will be sold in the open market. They only become eligible to be traded.
Based on Wednesday's closing price of ₹2,729, the shares unlocking are valued at about ₹1,910 crore. The stock is currently trading around 26% above its IPO price of ₹2,165.
Several brokerages have initiated coverage on the stock with positive recommendations.
Centrum Broking has assigned a 'Buy' rating with a price target of ₹3,181, while Equirus Securities has initiated coverage with a 'Long' rating and a target of ₹2,900. PL Capital, part of the Prabhudas Lilladher Group, has also started coverage with a 'Buy' call and a price target of ₹3,000.
ICICI Prudential AMC had a strong stock market debut, listing at a premium of over 20% as investors bet on sustained domestic inflows into mutual funds.
The stock debuted at ₹2,600 on the National Stock Exchange, a 20.09% premium over the upper end of the IPO price band of ₹2,165. The ₹10,603 crore public issue was priced in the range of ₹2,061 to ₹2,165 per share.
Post listing, ICICI Prudential AMC has emerged as India's most valuable listed asset management company, with a market capitalisation of around ₹1.12 lakh crore. It is ahead of HDFC Asset Management Company and Nippon Life India Asset Management, which are valued at about ₹56,000 crore.
On Wednesday, shares of ICICI Prudential Asset Management Co Ltd. ended 2.14% higher at ₹2,729.
According to Nuvama Alternative & Quantitative Research, around 7 million shares of the company, representing nearly 1% of its outstanding equity, will become eligible for trading.
It must be noted that the end of the shareholder lock-in does not mean all the shares will be sold in the open market. They only become eligible to be traded.
Based on Wednesday's closing price of ₹2,729, the shares unlocking are valued at about ₹1,910 crore. The stock is currently trading around 26% above its IPO price of ₹2,165.
Several brokerages have initiated coverage on the stock with positive recommendations.
Centrum Broking has assigned a 'Buy' rating with a price target of ₹3,181, while Equirus Securities has initiated coverage with a 'Long' rating and a target of ₹2,900. PL Capital, part of the Prabhudas Lilladher Group, has also started coverage with a 'Buy' call and a price target of ₹3,000.
ICICI Prudential AMC had a strong stock market debut, listing at a premium of over 20% as investors bet on sustained domestic inflows into mutual funds.
The stock debuted at ₹2,600 on the National Stock Exchange, a 20.09% premium over the upper end of the IPO price band of ₹2,165. The ₹10,603 crore public issue was priced in the range of ₹2,061 to ₹2,165 per share.
Post listing, ICICI Prudential AMC has emerged as India's most valuable listed asset management company, with a market capitalisation of around ₹1.12 lakh crore. It is ahead of HDFC Asset Management Company and Nippon Life India Asset Management, which are valued at about ₹56,000 crore.
On Wednesday, shares of ICICI Prudential Asset Management Co Ltd. ended 2.14% higher at ₹2,729.
