Following the closure of the ₹10,602-crore IPO of ICICI Prudential Asset Management Company Ltd, investor focus has now shifted to the allotment status.
The allotment date is today, December 17, and the stock is likely to make its debut on the stock exchanges on December 19, 2025.
The IPO closed on Tuesday with an overwhelming response, garnering (over 39 times bids) worth around ₹3 lakh crore, making it the fourth most-subscribed IPO in domestic market history after Reliance Power, LG Electronics India and Bajaj Housing Finance.
The ₹10,602.65-crore issue was subscribed 39.17 times overall, driven largely by strong demand from institutional investors. Qualified institutional buyers segment was subscribed a massive 123.87 times, while the non-institutional investors’ portion saw 22.04 times subscription. Retail Individual Investors subscribed their portion 2.53 times, while the shareholder reservation category recorded a subscription of 9.75 times.
The IPO was priced in a band of ₹2,061 to ₹2,165 per share, valuing the asset management company at around ₹1.07 lakh crore. Ahead of the public issue, the company had raised ₹3,022 crore from anchor investors, which helped set a strong base for the offering.
The entire issue was an offer-for-sale of over 4.89 crore equity shares by promoter Prudential Corporation Holdings of the UK. As a result, ICICI Prudential AMC will not receive any proceeds from the IPO.
PL Capital initiates coverage with buy at ₹3,000 target price
Domestic brokerage PL Capital has initiated coverage on ICICI Pru AMC with a buy rating. In its note, PL Capital said the AMC enjoys a position of dominance due to strong fundamentals, superior equity performance, diversified revenue streams and robust distribution backed by ICICI Bank.
The brokerage has set a target price of ₹3,000 per share, citing expectations of healthy growth in assets under management, improving market share and strong profitability metrics. The company may eventually command a premium to HDFC AMC due to better distribution and diversification while having similar profitability, it added.
Brokerage firms largely viewed the IPO positively, citing the company’s strong brand, leadership position in the domestic mutual fund industry.
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Published on December 17, 2025
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