ICICI Prudential AMC IPO Listing: ICICI Prudential Asset Management Company made a decent debut on the stock market on Friday, December 19. Shares of the company were settled at Rs 2,600 in the pre-market
on the NSE, which is a premium of 20.1% over the IPO issue price of Rs 2,165. Later, the stock jumped to Rs 2,658 apiece or nearly 23% premium after the listing.
On the BSE, the stock was listed at Rs 2,606.2 apiece.
The company’s market cap stood at Rs 1,31,522.2 crore.
The ICICI Prudential AMC IPO was open between December 12 and December 16. It received a whopping 39.17x subscription, garnering bids for 1,37,14,88,316 shares as against the 3,50,15,691 shares on offer. Its retail category got a 2.53x subscription, while its non-institutional investor (NII) quota got a 22.04x subscription. The QIB category received a 123.87x subscription.
ICICI Prudential AMC IPO Listing: Should You Buy?
Shivani Nyati, head of wealth at Swastika Investmart Ltd, said, “ICICI Prudential Asset Management Company Limited made a strong debut on the stock market, listing at a premium of around 20–22% over its issue price of 2165. The company is among India’s leading asset management firms, backed by ICICI Bank and Prudential Plc, with a diversified presence across equity, debt, hybrid, and passive fund segments. Its strong brand equity, consistent investment performance, and extensive distribution network have enabled it to build a resilient and scalable asset management franchise.”
The IPO witnessed healthy demand across investor categories, supported by the company’s strong market position, stable cash flow generation, and high return ratios. Structural tailwinds such as increasing SIP inflows, deeper penetration of mutual funds in tier-2 and tier-3 cities, and growing preference for professionally managed investments support long-term prospects, she added.
“Short-term Investors and traders may consider booking profits after the strong listing gains, while long term investor may holding the position from a medium-to-long-term perspective, keeping a stop-loss near Rs 2,350 to protect downside risk,” Nyati said.
Brokerages remain broadly constructive on the ICICI Prudential AMC IPO, citing the company’s scale, strong equity franchise and resilient profitability. Canara Bank Securities notes that India’s mutual fund industry is still significantly underpenetrated, with the AUM-to-GDP ratio at just 19.9 per cent in FY25. The shift of individual investors towards equity-oriented schemes has supported better fee realisations and stickier assets, helping strengthen the AMC’s long-term operating profile.
The brokerage highlights the company’s rapidly expanding SIP book, with monthly systematic inflows rising to 48 billion in September 2025 from 23.5 billion in March 2023. Over FY23-FY25, average AUM, operating revenue and profit after tax all delivered robust CAGRs of around 32-33 per cent. Operating margins remained steady at 73-74 per cent, while cash flow generation held firm at 1x of PAT. It also points out that while the issue’s valuations at 40.4x FY25 and 33.1x annualised H1FY26 earnings are broadly in line with peers, the price-to-book multiple remains elevated at 27x for H1FY26 and 30x for FY25, compared with 10-14x for comparable AMCs. Even so, the brokerage has assigned a ‘Subscribe for Long Term’ rating, citing ICICI Prudential’s strong equity AUM, second-largest industry position, 20 per cent share in operating profit, consistent top-quartile fund performance, high ROE of 80 per cent and stable margins.
Analysts at Anand Rathi share a similar view. They argue that ICICI Prudential AMC, backed by a sizeable market share, is among the most profitable asset managers in the country. At the upper end of the price band, the stock is valued at around 40x FY25 earnings — a level the brokerage considers reasonable when compared with other leading players such as HDFC AMC and Nippon Life AMC. While they believe valuations are fully priced, the firm’s long-standing performance and robust financial metrics make a compelling case. Anand Rathi recommends subscribing to the IPO from a medium- to long-term perspective.
ICICI Prudential AMC IPO: More Details
The IPO is an entirely offer-for-sale (OFS) of more than 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings, meaning the company will not receive any proceeds from the offering.
Currently, the ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent.
ICICI Prudential AMC has become the latest asset manager to debut on Indian stock exchanges, joining players such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
It is also the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities.
