ICICI Pru AMC IPO GMP: Grey Market Premium Halves To 5% On Eve Of Launch

ICICI Prudential Asset Management Company will launch its initial public offering (IPO) on December 12 to raise over Rs 10,600 crore from the primary market.

ICICI Prudential AMC's IPO is set to be the fourth-largest IPO of 2025 by issue size, following Tata Capital, HDB Financial Services, and LG Electronics India and ranks among the biggest capital-market debuts by an Indian financial services company.

The IPO offers up to 48,972,994 equity shares of face value of Rs 1 each by way of Offer for Sale by Prudential Corporation Holdings Ltd. The offer includes a reservation of up to 2,448,649 equity shares of ICICI AMC for subscription by Eligible ICICI Bank Shareholders, according to the RHP. Prudential Corporation Holdings Ltd. is the shareholder offloading shares.

Ahead of its launch tomorrow, the grey market premium (GMP) for the IPO has already started creating a buzz in the private market. The GMP for the ICICI Prudential AMC's IPO had surged to Rs 137 on Wednesday before dropping to Rs 114 on December 11. Despite the decline, investors can expect a positive listing gain when shares debut on the bourses next week.

Here's all you need to know about the ICICI Prudential AMC IPO.

The latest GMP for the ICICI Prudential AMC IPO was Rs 114 as of 11:00 am on December 11. The GMP indicates an estimated listing price of Rs 2,279 per share, which means the unlisted shares of the company were trading at a premium of 5.27% against the upper limit of the IPO price band.

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

The ICICI Prudential AMC IPO is a book-building issue of Rs 10,602.65 crore. It comprises only an offer-for-sale (OFS) of 4.9 crore shares.

The price band for the IPO has been set at Rs 2,061 to Rs 2,165 per share.

Retail investors are required to bid for a single lot size of six shares, amounting to a minimum investment of Rs 12,990 per application, based on the upper limit of the issue price. Small Non-Institutional Investors need to bid for 16 lots, amounting to an investment of Rs 2,07,840. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 77 lots, leading to an investment of Rs 10,00,230.

UK-based promoter Prudential Corp. has offered to sell over 1.76 crore equity shares via the IPO in ICICI Prudential AMC. The face value of the share is Rs 1.

The offering could raise as much as $1.2 billion or around Rs 10,300 crore and value the company at around $12 billion, Bloomberg News has reported.

Citigroup Global Markets India is the book-running lead manager and KFin Technologies is the registrar of the issue.

The subscription window for the IPO will remain open from December 12 to December 16, with the allotment expected to be finalised on December 17. The company will transfer shares to the demat accounts of successful bidders on December 18, and refunds to non-allottees will also be processed on the same day. 

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

ICICI Prudential AMC will not receive proceeds from the IPO.

ICICI Prudential AMC is one of the leading asset management companies in India. Its assets under management stood at Rs 10,87,690 crore as of Sept. 30.

For the half-year ended Sept. 30, ICICI Prudential AMC reported a 22% year-on-year (YoY) rise in profit after tax at Rs 1,617.74 crore from Rs 1,327.11 crore in the same period a year ago. Total income grew 20% YoY to Rs 2,949.6 crore for the six months ended Sept. 30, compared to Rs 2,458.2 crore a year ago. 

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.