The Initial Public Offering of ICICI Prudential Asset Management Company Limited was subscribed 2.11 times on the second day of bidding, demonstrating strong demand from non-institutional investors and qualified institutional buyers for this IPO.

The issue received bids of 7,38,73,206 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 0.83 and 3.79 times respectively. Qualified Institutional Investors was subscribed 2.91 times.

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

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.