ICICI Prudential AMC IPO Day 3: Latest GMP Signals Nearly 15% Listing Gain; Check Details

The grey market premium (GMP) for the initial public offering (IPO) of ICICI Prudential AMC Ltd. is in focus on the last day of bidding on Tuesday, Dec. 16. The IPO was fully subscribed on the second day of bidding on Monday, after a tepid response on the first day.

The IPO was subscribed 15.97 times as of 2:21 p.m. on Tuesday, with investors bidding for 55,93,47,432 shares against the 3,50,15,691 on offer.

The Rs 10,602.65-crore mainboard issue opened for subscription on Dec. 12.

ICICI Prudential AMC is a leading asset management company. Founded in 1993, it is a joint venture between ICICI Bank and Prudential Plc, a British financial services conglomerate.

On the second day, the ICICI Prudential AMC IPO was subscribed 2.11 times, with bids for more than 7.38 crore shares against 3.5 crore shares on offer. Qualified Institutional Buyers (QIBs) booked their quota 2.91 times, while Non-Institutional Investors (NIIs) subscribed their category 3.79 times. The retail portion of the IPO was booked 0.83 times, as per NSE data.  

According to Investorgain, the grey market premium (GMP) for the ICICI Prudential AMC IPO stood at Rs 345 per share, at 1:30 p.m. on Dec. 16.

Compared to the upper limit of the IPO price band of Rs 2,165, the latest GMP indicates an estimated listing price of Rs 2,510 apiece. As per the latest GMP, shares of ICICI Prudential AMC are likely to be listed at a premium of 15.94% over the upper limit of the issue price.

Note: GMP does not represent official data and is based on speculation.

The ICICI Prudential AMC IPO is a book-building issue aimed at raising Rs 10,602.65 crore from the primary market. The IPO is a 100% offer-for-sale (OFS) of 4.9 crore shares. The price band for the mainboard issue has been fixed at Rs 2,061 to Rs 2,165 per share. Retail investors are required to apply for at least a single lot size of six shares, worth Rs 12,990 at the upper limit of the price band.

Kfin Technologies Ltd. is the issue registrar, while Citigroup Global Markets India Pvt. Ltd. is the book-running lead manager.

The ICICI Prudential AMC IPO share allotment status is scheduled to be finalised on Dec. 17, following the closure of the subscription window. Refunds and transfer of shares to demat accounts will be initiated by the company on Dec. 18.

Shares of ICICI Prudential AMC are tentatively scheduled to be listed on the NSE and BSE on Dec. 19.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.