The initial public offering (IPO) of ICICI Prudential Asset Management Company (AMC) is in its final stretch, with subscriptions closing on December 16, 2025. The public issue, which opened on December 12, has attracted considerable investor attention, leaving applicants with just one more day to place their bids.
The company has fixed the IPO price band at ₹2,061 to ₹2,165 per equity share. Through this issue, ICICI Prudential AMC plans to mobilise ₹10,602.65 crore. Notably, the IPO is entirely an Offer for Sale (OFS), meaning the funds raised will go to existing shareholders reducing their stake, and not to the company’s balance sheet.
ICICI Prudential AMC IPO GMP today
Grey market sentiment around the issue has strengthened sharply. Market sources indicate that ICICI Prudential AMC shares are currently commanding a premium of around ₹294 in the grey market. This represents a rise from ₹280 earlier in the week and a significant jump from about ₹120 seen last Friday. Observers attribute the improving GMP to the company’s strong fundamentals, established market position, and a valuation that many consider reasonable for a leading asset manager, even amid cautious broader market conditions.
Subscription status
As of 10:57 pm on the third day of bidding, the IPO was subscribed 3.47 times overall. The Qualified Institutional Buyers (QIB) segment was booked 4.34 times, while Non-Institutional Investors (NIIs) showed strong interest with 7.47 times subscription. The retail investor portion was subscribed 1.14 times, indicating steady participation from small investors as well.
Key IPO details
The book-built issue is priced in the range of ₹2,061–₹2,165 per share, with each lot consisting of six equity shares. The tentative date for allotment of shares is December 17, 2025, while the stock is expected to make its debut on the exchanges on December 19, 2025.
Brokerages largely positive
Brokerage houses have largely maintained a favourable stance on the issue. Angel One has recommended a “Subscribe” rating, noting that at the upper end of the price band, the IPO values the company at a post-issue P/E of 33.07 times FY25 earnings. While this suggests full pricing, the brokerage highlighted ICICI Prudential AMC’s leadership in active and individual AUM, strong profitability metrics, debt-free status, and long-term industry tailwinds as key positives for long-term investors.
DRChoksey FinServ has also advised investors to apply for the IPO, citing the company’s focus on organic growth, expansion through digital and distributor channels, and scaling of its alternatives business via PMS and AIF offerings. The brokerage also pointed to the company’s international expansion plans, including initiatives in GIFT City IFSC and potential presence in DIFC, aligning with rising equity participation and financialisation trends in India.
Several other brokerages, including Adroit Financial Services, Aditya Birla Money, Anand Rathi, Arihant Capital Markets, BP Equities, Canara Bank Securities, Kantilal Chhaganlal Securities, Master Capital Services, Mehta Equities, RR Financial, Sharekhan, SMIFS, and Invest4Edu, have also assigned an “apply” or equivalent rating to the issue.
With strong institutional demand, rising grey market premiums, and broadly positive analyst commentary, ICICI Prudential AMC IPO is shaping up as one of the closely watched public issues of the year as it heads into its final day of subscription.
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