ICICI Prudential Asset Management Company’s ₹10,603 crore initial public offering received a steady early demand on the first day of bidding, with the issue subscribed 0.72 times on Friday. The qualified institutional buyers (QIB) category led the demand with 1.97 times subscription, while retail and non-institutional segments remained significantly undersubscribed.
The retail individual investors (RII) portion saw only 0.21 times subscription, with 33.82 lakh shares bid for against 1.62 crore shares on offer. The non-institutional investors (NII) category fared slightly better at 0.37 times, receiving bids for 26.07 lakh shares against 69.78 lakh shares reserved. The shareholder reservation portion was subscribed 0.44 times.
Among QIBs, foreign institutional investors showed stronger interest with bids for 86.43 lakh shares, followed by domestic financial institutions at 46.19 lakh shares and mutual funds at 26.03 lakh shares.
The IPO, priced in the band of ₹2,061-2,165 per share, is entirely an offer for sale by Prudential Corporation Holdings Ltd, with no fresh issue component. At the upper price band, the company would be valued at ₹1.07 lakh crore post-listing.
ICICI Prudential AMC is India’s largest asset management company in terms of active mutual fund quarterly average assets under management, with a market share of 13.3 per cent as of September 2025. The company’s total mutual fund QAAUM stood at ₹10.1 trillion.
Yes Securities recommended a ‘Subscribe’ rating, citing the company’s focus on profitability with an operating profit yield of 36 basis points and strong return on equity of 82.8 per cent for FY25. The IPO closes on December 16.