Issue closes on Tuesday, December 16, 2025 for bidding

The Initial Public Offering of ICICI Prudential Asset Management Company Limited was subscribed 0.72 times on the first day of bidding, demonstrating strong demand from qualified institutional buyers and shareholder reserved portion for this IPO.

The issue received bids of 2,53,66,506 against the offered 3,50,15,691 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 0.2 and 0.37 times respectively. Qualified Institutional Investors was subscribed 1.97 times.

The issue kicked off for subscription on Friday, December 12, 2025 and will close for subscription on Tuesday, December 16, 2025.

A day before the opening of the issue, ICICI Prudential Asset Management Company Limited had raised Rs 3021.8 crore from anchor investors.

The marquee investor roster providing an unprecedented seal of approval includes leading Sovereign Wealth Funds (SWFs) such as GIC (Government of Singapore Investment Corporation), Temasek and Lunate Capital (Abu Dhabi Investment Authority). 

Adding to the long-term capital commitments are the likes of University of California, representing a major global endowment fund, indicating an interest in sustainable, long-horizon growth that an AMC offers. 

The participation of large Foreign Institutional Investors (FIIs) highlights broad international interest, with names like Fidelity, Norges Bank, BlackRock, Aberdeen, Wellington, Capital World, J.P. Morgan Investment Management Inc, Fidelity Management & Research,bGoldman Sachs Asset Management, WhiteOak and HSBC GAM. Further strengthening the global institutional interest were Private Equity (PE) Investment Banks like Kedaara Capital and Chrys Capital  (in the pre-IPO phase).

Deep domestic conviction was demonstrated by marquee investors, Veteran Fund Managers and Family Offices, including Premji Invest, HCL Family Office, Manish Chokhani, 3PIM (Prashant Jain), Rare Ent. (Rakesh Jhunjhunwala) and MK Ventures.

ICICI Prudential Asset Management Company Ltd (the “Company”) had also recently completed its pre-IPO (Initial Public Offering) placement of nearly ₹4,815 crore.

Leading brokerage firms like Aditya Birla Money, Anand Rathi, Canara Bank Securities, Mirae Sharekhan and SMIFS and have given a “Subscribe” rating to the issue highlighting the company is combines scale, equity leadership and diversified reach to maintain its dominant position in India’s asset management industry. It is the largest AMC by active mutual fund QAAUM with a 13.3% market share and ranks second overall at 13.2%. In equity and equity-oriented schemes, it leads with a 13.6% share, growing to ₹4,877bn as of FY25, translating into a 40% CAGR vis-à-vis industry CAGR of 36.2%.

In equity-oriented hybrid schemes, its market share is 25.8%, with QAAUM of ₹1,653bn, growing 37.6% CAGR compared to 29.5% for the industry. This equity-heavy mix supports higher fee yields and profitability, reflected in industry-leading ROE of 82.8% in FY25.

Its product shelf spans 143 schemes across equity, debt, hybrid, passive and thematic categories, complemented by a strong retail franchise with 15.5 million customers, a pan-India distribution network comprising 272 offices, and a robust digital ecosystem handling over 95% of transactions online.

On the valuation front, at the upper price-band, the issue is valued at 38x P/E on TTM basis, and recommend “SUBSCRIBE” to the issue.