Issue closes tomorow, leading brokerage firms assign a “Subscribe” rating
MUMBAI, Dec 15 (The CONNECT) – The Initial Public Offering of ICICI Prudential Asset Management Company Limited was subscribed 2.11 times by the end of the second day of bidding on Monday, reflecting strong demand from non-institutional investors and qualified institutional buyers.
The issue received bids for 7,38,73,206 equity shares against an offer size of 3,50,15,691 shares, according to data available on the stock exchanges.
The retail investors’ portion was subscribed 0.83 times, while the non-institutional investors’ segment saw strong interest with a subscription of 3.79 times. The Qualified Institutional Buyers (QIB) portion was subscribed 2.91 times.
The issue opened for subscription on Friday, December 12, 2025, and will close on Tuesday, December 16, 2025.
Leading brokerage firms including Aditya Birla Money, Anand Rathi, Canara Bank Securities, Mirae Sharekhan and SMIFS have assigned a “Subscribe” rating to the issue, citing the company’s scale, leadership in equity assets, and diversified distribution network that underpin its dominant position in India’s asset management industry.
ICICI Prudential AMC is the largest asset management company by active mutual fund quarterly average assets under management (QAAUM), with a market share of 13.3 percent, and ranks second overall with a 13.2 percent share. In equity and equity-oriented schemes, it leads the industry with a 13.6 percent market share, with QAAUM of ₹4,877 billion as of FY25, representing a 40 percent compound annual growth rate compared with the industry CAGR of 36.2 percent.
In equity-oriented hybrid schemes, the company commands a 25.8 percent market share, with QAAUM of ₹1,653 billion, growing at a CAGR of 37.6 percent versus 29.5 percent for the industry. This equity-heavy asset mix supports higher fee yields and profitability, reflected in an industry-leading return on equity of 82.8 percent in FY25.
The company offers a diversified product portfolio of 143 schemes across equity, debt, hybrid, passive and thematic categories. Its strong retail franchise spans 15.5 million customers, supported by a pan-India distribution network of 272 offices and a robust digital ecosystem that processes over 95 percent of transactions online.
At the upper end of the price band, the issue is valued at 38 times trailing twelve-month earnings, with brokerages recommending a “Subscribe” rating.
Company Information
ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM, with a market share of 13.3 percent as of September 30, 2025, according to a CRISIL report. As of the same date, its total mutual fund QAAUM stood at ₹10,147.6 billion. The company also leads the industry in equity and equity-oriented QAAUM, with a market share of 13.6 percent.
ICICI Securities, Citigroup Global Markets India, Morgan Stanley India Company, BofA Securities India, Axis Capital, CLSA India, IIFL Capital Services, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Goldman Sachs (India) Securities, Avendus Capital, BNP Paribas, HDFC Bank, JM Financial, Motilal Investment Advisors, Nuvama Wealth Management and UBS Securities India are the book-running lead managers to the issue. KFin Technologies Limited is the registrar to the offer.
