ICICI Prudential AMC's Spectacular Debut: Stock Surges Over 20%

ICICI Prudential Asset Management Company Ltd's shares soared over 20% above their issue price during their stock market debut. Listed on both BSE and NSE, the IPO saw high demand, receiving 39.17 times subscription. The company joined other listed asset managers and became the fifth ICICI Group entity to go public.

ICICI Prudential Asset Management Company Ltd made a sensational debut on the stock market, with shares surging more than 20% above the issue price. The stock opened at Rs 2,606.20 on the BSE, marking a 20.37% gain over the issue price of Rs 2,165, and later rose 22.95% to Rs 2,662.

Similarly, on the NSE, the stock opened at Rs 2,600, reflecting a substantial 20% premium. The company's robust market debut resulted from an overwhelming response to its initial public offering, which was subscribed 39.17 times on the final day of bidding, primarily due to heavy demand from institutional investors.

With a market valuation of Rs 1,27,790.54 crore, ICICI Prudential AMC joined the ranks of listed asset managers like HDFC AMC and UTI AMC. This move also marks it as the fifth entity from the ICICI Group to be listed, alongside ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.

(With inputs from agencies.)