Monday, Dec 15, 2025 12:45 [IST]
Last Update: Monday, Dec 15, 2025 07:02 [IST]
The public issue of ICICI Prudential Asset Management Company (AMC) has continued to attract strong interest from institutional investors, with the Qualified Institutional Buyers (QIB) portion getting fully subscribed on the very first day of the issue.
On Day 1, the issue received bids worth nearly ?5,490 crore against a total offer size of ?7,581 crore, translating into an overall subscription of 72 per cent. The QIB category was subscribed 1.97 times, underscoring strong institutional conviction in the company’s long-term business fundamentals. Momentum was also visible across other investor categories, with the non-institutional investor (NII) segment subscribed 0.37 times, retail individual investors at 0.21 times, and the reservation category at 0.44 times.
The robust response follows significant interest from marquee global and domestic investors in the pre-IPO and anchor book. Ahead of the public issue, ICICI Prudential AMC raised ?3,021.8 crore from 149 anchor investors through the allocation of approximately 13.95 million equity shares at ?2,165 per share. The anchor book included leading sovereign wealth funds such as GIC, Temasek and Lunate, global asset managers including Fidelity, BlackRock, Norges Bank, Aberdeen, Wellington, Capital Group, JPMorgan Asset Management, Goldman Sachs Asset Management and HSBC Global Asset Management, as well as private equity investors Kedaara Capital and ChrysCapital.
Domestic investor participation was equally strong, with investments from marquee family offices and veteran investors such as Premji Invest, HCL Family Office, Prashant Jain (3PIM), Manish Chokhani, the Estate of late Rakesh Jhunjhunwala and MK Ventures. All major domestic life insurance companies including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life Insurance and Bajaj Life participated in the anchor book. Additionally, 27 domestic mutual funds invested through 77 schemes, with 19 of the top 20 mutual fund houses participating.
The company had also completed a pre-IPO placement of nearly ?4,815 crore, reflecting strong demand ahead of the issue.
With the proposed valuation of 107,000 crs, in terms of valuation, the P/E will be 40.4x on FY25 earnings and 33.1x on annualised H1FY26 numbers, putting it at a discount of more than 10% to HDFC AMC (45.5x) for FY2025 and a discount of about 16% based on annualised H1FY26 PAT.
If evaluated after reducing the cash in the balance sheet, then with the proposed valuation works out to be 32.1x on FY25 earnings and 26.9x on annualised H1FY26 numbers, putting it at a discount of 16% to HDFC AMC (38.2x) for FY2025 and a discount of ~26% based on annualised H1FY26.
The IPO, which is an offer-for-sale by promoter Prudential Corporation Holdings Limited, opened on December 12, 2025 and closes on December 16, 2025. At the upper end of the price band, the issue size aggregates to approximately ?10,602 crore. Investors can bid for a minimum of six equity shares and in multiples thereafter.
