ICICI Prudential Asset Management Company made a strong market debut on Friday, and slipped to end with 19 per cent listing gains, following the heavily subscribed IPO.
The stock ended at ₹2586.70 and ₹2,585.90 on the BSE and NSE, respectively.
It opened at ₹2,600 on the NSE, a nearly 20 per cent premium over its IPO price of ₹2,165. On the BSE, shares debuted slightly higher at ₹2,606.20, translating into a 20.3 per cent gain over the issue price.
Emphasising that the listing was in-line with expectations, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, recommended investors to hold allotment for the long term.
For non-allotted investors, Tapse advised against chasing the stock on listing day and suggest waiting for more reasonable entry levels post listing, as near-term volatility or price consolidation cannot be ruled out amid cautious market sentiment.
According to Dr Ravi Singh, Chief Research Officer from Master Capital Services Ltd, ICICI AMC’s robust distribution network and focus on profitability position it as a potential long-term compounder.
However, at post-listing valuations, sustained AUM growth, stable market conditions, and cost discipline will be critical in defining further upside. From a long-term investor’s perspective, the company offers a strong platform to participate in India’s wealth creation journey.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, suggested that short-term investors may consider booking profits after the strong listing gains, while long term investor may holding the position from a medium-to-long-term perspective, keeping a stop-loss near ₹2350 to protect downside risk.
Structural tailwinds such as increasing SIP inflows, deeper penetration of mutual funds in tier-2 and tier-3 cities, and growing preference for professionally managed investments support long-term prospects, Nyati added.
The ₹10,602.65 crore IPO witnessed an exceptional response, attracting bids worth nearly ₹3 lakh crore, making it the fourth most-subscribed public issue in Indian market history after Reliance Power, LG Electronics India and Bajaj Housing Finance.
Priced in the range of ₹2,061 to ₹2,165 per share, the IPO valued ICICI Prudential AMC at approximately ₹1.07 lakh crore. Prior to the issue, the company raised ₹3,022 crore from anchor investors.
The entire issue comprised an offer-for-sale of more than 4.89 crore equity shares by promoter Prudential Corporation Holdings of the UK, meaning ICICI Prudential AMC will not receive any proceeds from the IPO.
Equirus & PL Capital initiated coverage ahead of market debut
Ahead of the listing, brokerage firm Equirus Securities initiated coverage on ICICI Prudential AMC with a long-term positive outlook, assigning a target price of ₹2,900 for March 2027.
Domestic brokerage PL Capital also initiated coverage on ICICI Prudential AMC with a “buy” rating and The brokerage highlighted the company’s strong fundamentals, consistent equity performance, diversified revenue streams and extensive distribution network supported by ICICI Bank. It expects healthy growth in assets under management, improving market share and robust profitability, and noted that the company could eventually trade at a premium to HDFC AMC due to superior distribution and diversification.