After the basis of allotment was finalised midweek, attention has firmly shifted to the much-awaited stock market debut of ICICI Prudential Asset Management
Company. With listing day approaching, investors are closely tracking signals that could hint at how the stock may perform when it finally hits Dalal Street. The shares are scheduled to be listed on Friday, December 19, on both the NSE and BSE. The public issue, which was open for subscription for three days, garnered significant interest across investor categories and raised a total of Rs 10,602.65 crore. Notably, the IPO was structured entirely as an offer for sale, involving 4.90 crore equity shares. Grey Market Signals Point To Strong Debut Ahead of the listing, unofficial market activity has drawn considerable attention. The ICICI Prudential AMC IPO is commanding a hefty premium in the grey market, a trend that typically reflects bullish sentiment ahead of listing. As per data available from Investorgain, the shares are trading at a premium of Rs 454 in the grey market. This places the GMP of the issue at +454, suggesting that market participants are willing to pay substantially more than the issue price even before the stock lists. Based on this trend, the estimated listing price is pegged at around Rs 2,619 per share. That translates to a potential upside of about 21 per cent over the upper end of the IPO price band. The term 'Grey market premium' is widely used to describe this willingness among investors to pay above the issue price in the unofficial market. Key IPO Structure The ICICI Prudential AMC IPO was a pure OFS, with Prudential Corporation Holdings divesting up to 48,972,994 equity shares. The price band for the issue was fixed between Rs 2,061 and Rs 2,165 per share, with a lot size of six shares. The bidding window remained open from Friday, December 12, to Tuesday, December 16, 2025. Since the issue did not involve any fresh equity issuance, the company itself will not receive proceeds from the IPO. The basis of allotment was finalised on Wednesday, December 17. Subscription Numbers Highlight Investor Appetite Demand for the IPO was exceptionally strong, with the issue closing at an overall subscription of 39.17 times. Qualified institutional buyers led the charge, subscribing 123.87 times their allocated portion. Non-institutional investors followed with a 22.04-times subscription, while retail investors subscribed 2.53 times. Kfin Technologies is serving as the registrar for the issue. The IPO was managed by a large consortium of book-running lead managers, including Citigroup Global Markets India, ICICI Securities, Morgan Stanley India Company, Goldman Sachs (India) Securities, and several other domestic and global investment banks.
