ICICI Prudential AMC IPO opened today, December 12, 2025, with a steady Day 1 subscription of 72% (0.72 times) by 5 PM IST, driven by strong QIB bids at 1.97 times. This massive Rs 10,603 crore offer signals confidence in India’s growing mutual fund sector from big investors. Here’s a detailed look at the key aspects of IPO.
IPO Overview
The ICICI Prudential AMC IPO is worth Rs 10,603 crore and runs entirely as an offer for sale by promoter Prudential Corporation Holdings. Shares trade in a price band of Rs 2,061 to Rs 2,165, with a minimum lot size of six shares requiring Rs 12,990 from retail investors at the upper end. The subscription window spans December 12 to 16, 2025, with allotment on December 17 and listing on BSE and NSE on December 19.
ICICI Prudential AMC IPO Subscription Status
On Day 1 by 5 PM, the IPO achieved 0.72 times overall subscription, with qualified institutional buyers leading at 1.97 times. Non-institutional investors subscribed 0.37 times, while retail investors reached 0.21 times, showing early momentum from large funds. Bids covered 2.54 crore shares against 3.50 crore offered, reflecting measured demand as the issue progresses.
ICICI Prudential AMC IPO GMP
Grey market premium stands at around Rs 155 per share, or 7.15% above the upper price band, down from peaks of Rs 340 earlier but still positive. This hints at expected listing gains of 7-10%, with trackers showing steady trading amid market buzz. Premiums hover at 7.15% in recent updates, suggesting a stable debut.
Financial Highlights
ICICI Prudential AMC reported revenue of Rs 4,980 crore and net profit of Rs 2,651 crore for FY25, up 32% and 29% year-on-year. For H1 FY26, revenue hit Rs 2,950 crore with profit after tax at Rs 1,618 crore, backed by assets under management growth and high efficiency. The firm boasts an ROE of 82.8% for FY25, far ahead of industry norms, contributing 20% of sector operating profits.
| Metric | FY25 | H1 FY26 |
| Revenue (Rs crore) | 4,980 | 2,950 |
| Net Profit (Rs crore) | 2,651 | 1,618 |
| Profit Before Tax (Rs crore) | 3,533 | 2,210 |
| ROE (%) | 82.8 | 87 (.) |
Peer Comparison
ICICI Prudential AMC trades at a post-IPO P/E of 33-40 times FY25 earnings of Rs 65.46 per share, aligning with peers like Nippon at 41 times and below HDFC AMC at 45 times. Its superior ROE and profit scale justify the valuation, positioning it as a profitability leader.
| Company | P/E (approx.) | ROE FY25 (%) |
| ICICI Prudential AMC | 33-40 | 82.8 |
| HDFC AMC | 45 | 30.3 |
| Nippon Life AMC | 41 | 29.3 |
| UTI AMC | 20 | 15.9 |
Anchor Investment
The company raised Rs 3,022 crore from 149 anchors, allotting 1.39 crore shares at Rs 2,165. Domestic mutual funds like HDFC, SBI, Kotak, and Axis took a third, joined by global names such as BlackRock, JP Morgan, Temasek, and Abu Dhabi Investment Authority. Indian insurers including LIC and HDFC Life also participated, underscoring broad institutional backing.
Valuation Insights
At the top price band, the IPO values the company at Rs 1.07 lakh crore, or 40 times FY25 earnings, seen as fair given its market leadership. Forward P/E drops to 33 times on expected growth, offering room for listing gains without overpricing. Promoter stake falls from 44.5% to 34.5% post-IPO, with no fresh capital for the firm.
Disclaimer: This article is provided only for educational and informational purposes. References to securities or investments do not serve as advice or recommendations. We are not SEBI registered. Investors must perform their own research or consult a qualified financial advisor before any investment decisions.