ICICI Prudential Asset Management Co.’s shares are set to begin trading in Mumbai on Friday, following an initial public offering that raised ₹10,600 crore ($1.2 billion), potentially marking the year’s final major listing.
The stock is expected to list at a premium of about 15% to the IPO price on Friday, according to IPOWatch.in, which tracks grey-market trends. If that happens, it would be the third-strongest debut this year in India among offerings larger than $500 million, after LG Electronics India Ltd. and Meesho Ltd. Shares were priced at ₹2,165 each, the top end of the marketed range.
A strong start would help ease concerns that India’s hot IPO market is losing momentum. Nearly half of the 352 companies that listed this year are now trading below their issue prices, prompting questions over stretched valuations.
“A strong showing from ICICI Prudential AMC could offer a timely sentiment boost and set a positive tone heading into the new year,” said Dharmesh Mehta, managing director of DAM Capital Advisors Ltd.
The offering from India’s second-largest asset manager drew strong investor interest, garnering bids for 39 times the shares on offer. Institutional investors were particularly enthusiastic, subscribing to their portion 124 times. Global funds bid 47 times the total number of shares reserved for institutions.
The strong demand for the money manager helped push India’s IPO fundraising past last year’s record $21 billion, cementing the nation’s position as the world’s fourth-largest listing venue in 2025.
Interest in ICICI Prudential AMC also underscores growing optimism about India’s mutual fund industry. Consistent household inflows have helped assets under management more than double to $900 billion in five years, drawing global players like BlackRock Inc. to set up shop in the country.
Brokerages were broadly upbeat about the offering. Mirae Asset Sharekhan advised clients to subscribe, citing the company’s financial metrics and what it sees as reasonable valuations.
Equirus Securities Pvt. has initiated coverage with a long rating and a March 2027 target price of ₹2,900, citing ICICI AMC’s sustained return on equity above 80% and an 80% dividend payout ratio.
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