ICICI Prudential Asset Management Co. listed on the BSE on Friday at Rs 2,606.20 apiece, a premium of 20.38% over its issue price of Rs 2,165 apiece.
On the National Stock Exchange, the stock debuted at Rs 2,600, a 20.09% premium.
ICICI Prudential AMC is the second largest in India by overall asset book and market share of 13.2% as of November. It is the largest equity AMC with active equity of Rs 6.12 lakh crore and market share of 13.8%.
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The IPO was a book-building issue of Rs 10,602.65 crore. It comprised only an offer-for-sale (OFS) of 4.9 crore shares. The price band for the IPO was Rs 2,061 to Rs 2,165 per share.
There was no fresh issue component and all the proceeds from the IPO will go to the selling promoter UK-based Prudential Corp.
ICICI Prudential AMC's IPO is the fourth-largest IPO of 2025 by issue size, following Tata Capital Ltd., HDB Financial Services Ltd., and LG Electronics India Ltd.
Analysts at brokerage firm Prabhudas Lilladher have placed a 'buy' rating and a bullish price target of Rs 3,000 on the ICICI Prudential AMC stock, indicating a 39% upside to the IPO price of Rs 2,165.
The IPO price suggests a valuation that is 17% and 16% discount to close peers HDFC Asset Management Co. and Nippon Life India Asset Management Ltd.
"We are optimistic about its business prospects given its strong performance and parentage which is driving the highest net equity flow market share among AMCs, its superior equity yields of 67 bps due to lowest distributor payout, 74% share in MF sales by ICICI Bank due to the latter's closed architecture, and a higher share of non-MF revenue at 9.2% among peers," the brokerage said.
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