ICICI Prudential AMC IPO Makes Strong Debut with 72% Subscription on Day One

ICICI Prudential Asset Management's IPO saw strong interest with a 72% subscription on its first day. Valued at Rs 1.07 lakh crore, the share sale involves over 4.89 crore shares, with no proceeds to the company itself, concluding on December 16. The IPO marks its entry among India's listed asset managers.

ICICI Prudential Asset Management Company Ltd's initial public offering garnered impressive investor interest, securing 72% subscriptions on its inaugural day.

According to data from the National Stock Exchange, the IPO attracted bids totaling over 2.53 crore shares against an offering of approximately 3.50 crore shares.

Among the various investor segments, qualified institutional buyers showed the most enthusiasm, achieving 1.97 times subscription, while non-institutional investors accounted for a 37% subscription rate. Retail individual investors participated with a 21% subscription.

On Thursday, ICICI Prudential AMC reported raising Rs 3,022 crore from anchor investors. The IPO has been priced between Rs 2,061 to Rs 2,165 per share, valuing the asset management company at nearly Rs 1.07 lakh crore (USD 11.86 billion).

This offering is an entire offer-for-sale conducted by the promoter, UK-based Prudential Corporation Holdings, implying that the proceeds will not go to ICICI Prudential AMC itself.

The subscription period concludes on December 16, following which ICICI Prudential AMC will take its place among other listed asset management companies in India, including HDFC AMC, UTI AMC, and Aditya Birla Sun Life AMC.

This also makes ICICI Prudential AMC the fifth entity from the ICICI Group to go public, joining its counterparts such as ICICI Bank and ICICI Prudential Life.

(With inputs from agencies.)