ICICI Prudential AMC IPO: Price Band, GMP Today, Issue Size, Dates & Shareholder Quota (8 December 2025 Update)

ICICI Prudential Asset Management Company (ICICI Prudential AMC) is set to launch one of 2025’s biggest IPOs this week. As of 8 December 2025, the price band, valuation, shareholder quota and grey market premium (GMP) are all in focus, with fresh updates from the red herring prospectus (RHP), exchanges and grey‑market trackers. ^[1]

ICICI Prudential AMC IPO: Key details at a glance

Issuer: ICICI Prudential Asset Management Company Ltd – India’s second‑largest asset manager by quarterly average AUM, with ~13.2–13.3% market share. ^[2]
IPO type: 100% Offer for Sale (OFS) by UK‑based Prudential Corporation Holdings; ICICI Prudential AMC itself will not receive any fresh capital. ^[3]
Offer size: Up to 4,89,72,994 equity shares of face value ₹1 each (about 4.9 crore shares), translating to an issue size of ₹10,093–₹10,602.65 crore depending on final pricing. ^[4]
Price band:₹2,061–₹2,165 per share. ^[5]
Implied valuation: Up to about ₹1.07 trillion (₹1.07 lakh crore) or roughly $11.9–12.5 billion at the upper end of the band, based on filings and media estimates. ^[6]
Market lot:6 shares per lot.
- Minimum retail investment ≈ ₹12,366 at the lower band (₹2,061 × 6) and ₹12,990 at the upper band (₹2,165 × 6). ^[7]
IPO schedule:
- Anchor bidding: 11 December 2025
- Issue opens: 12 December 2025 (Friday)
- Issue closes: 16 December 2025 (Tuesday)
- Basis of allotment: 17 December 2025
- Refunds / credit to demat: 18 December 2025
- Listing on NSE & BSE: 19 December 2025 ^[8]
Investor allocation: QIBs 50%, NIIs 15%, Retail 35%, plus a separate shareholder quota for eligible ICICI Bank shareholders. ^[9]
Shareholder reservation: Up to 24.48 lakh shares reserved for eligible ICICI Bank shareholders. ^[10]

Pure OFS: Prudential pares stake, ICICI Bank stays in control

The IPO is entirely an offer for sale by Prudential Corporation Holdings (PCHL), the UK‑based joint‑venture partner of ICICI Bank. No new shares are being issued. ^[11]

Key shareholding moves:

Pre‑issue:
- ICICI Bank holds 51% of ICICI Prudential AMC.
- Prudential Corporation Holdings holds the remaining 49%. ^[12]
Post‑issue (indicative):
- Prudential is expected to sell around 10% of the AMC’s equity, cutting its stake from 49% to roughly 39%. ^[13]
- ICICI Bank will retain its 51% controlling stake in the asset manager. ^[14]

Fortune India also notes that ICICI Bank has an inter‑se agreement with PCHL to acquire a 2% pre‑IPO stake in the AMC before the listing is completed, further tightening the bank’s grip on the JV even as PCHL monetises part of its holding. ^[15]

Because the offer is a pure OFS, all proceeds go to the selling shareholder, not to the company. The stated objective is to unlock value, provide a liquidity event for Prudential and gain listing benefits such as visibility, brand strength and an eventual listed currency for future corporate actions. ^[16]

How big is the ICICI Prudential AMC IPO in 2025’s market?

2025 has been a blockbuster year for India’s primary market. According to Fortune India, the ICICI Prudential AMC IPO is set to be the fourth‑largest issue of 2025, coming in behind Tata Capital, HDB Financial Services and LG Electronics India. ^[17]

Once listed, ICICI Prudential AMC will:

Join existing listed AMCs such as HDFC AMC, Nippon Life India AMC, UTI AMC, Aditya Birla Sun Life AMC and Shriram AMC, further deepening the listed asset‑management peer set. ^[18]
Become the fourth or fifth major listed ICICI Group company, alongside ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard and ICICI Securities, depending on how the group accounting is classified. ^[19]

In other words, this is not just another financial‑sector IPO; it’s a flagship listing from one of India’s largest financial conglomerates in a year that’s already seen record IPO fundraising. ^[20]

Valuation: What the price band implies

Based on the ₹2,061–₹2,165 price band, several data points stand out: ^[21]

Reuters, citing regulatory filings, pegs the top‑end valuation at about ₹1.07 trillion (₹1.07 lakh crore), or roughly $11.9 billion. ^[22]
IPO‑data platform IPO Central estimates that at this band, the offer size of 4.897 crore shares equates to a fundraising of ₹10,093–₹10,602.65 crore. ^[23]
On earnings metrics, IPO Central’s analysis suggests a price‑to‑earnings (P/E) multiple of about 38–40× FY25 EPS, and around 35–36× annualised FY26 EPS, based on post‑bonus adjusted earnings. ^[24]

When compared with peers:

HDFC AMC is trading at a higher P/E multiple (around mid‑40s),
Nippon Life India AMC is also in the 40× zone,
While ICICI Prudential AMC’s implied P/E is slightly lower, despite stronger return on net worth (RONW) and higher margins as per the prospectus‑based data. ^[25]

This suggests the IPO is not cheap, but broadly in line with premium valuations enjoyed by top‑tier domestic AMCs, with some investors viewing the slight discount to HDFC AMC as a justification for the issue’s strong early interest.

Financial performance: Profitable, high‑margin franchise

On the fundamentals, ICICI Prudential AMC combines scale, profitability and high operating leverage:

For FY25:
- Revenue: ₹4,977.3 crore
- Net profit: ₹2,650.7 crore
- Revenue up 32.4% YoY, profit up 29.3% YoY. ^[26]
For H1 FY26 (six months ended September 2025):
- Revenue: ₹2,949.4 crore
- Net profit: ₹1,618 crore, up about 20–22% YoY. ^[27]
IPO Central’s reading of the RHP shows net margins consistently above 50% and return on net worth (RONW) above 80% across FY23–FY25 – significantly higher than many financial‑services peers. ^[28]

On the business side:

As of 30 September 2025, ICICI Prudential AMC managed quarterly average AUM of about ₹10.87 lakh crore, serving 1.55 crore investors. ^[29]
It runs around 143 mutual fund schemes, the highest number among domestic AMCs, spanning equity, hybrid, debt, ETFs and solution‑oriented products. ^[30]
The distribution network includes 260+ offices, over 100,000 mutual fund distributors, more than 200 national distributors and 60+ banks, with ICICI Bank’s branch network acting as a powerful channel. ^[31]

These numbers help explain why the issue is being positioned as a “quality growth” financials play, rather than a capital‑hungry turnaround story.

GMP today (8 December 2025): Premium cools after a strong start

The grey market premium (GMP) — the unofficial premium at which IPO applications and shares trade in the unlisted market — has been volatile over the past few days.

How the GMP moved

IPO‑tracking site IPOWatch shows that the ICICI Prudential AMC IPO GMP hit a high of about ₹340 on 6 December, before sliding to around ₹125 on 8 December, implying an expected listing gain of roughly 5.8% over the upper price band. ^[32]
IPO Central and other trackers also peg the current GMP at around ₹125 per share, in the same ballpark. ^[33]
A Business Today report dated 8 December 2025 notes that the GMP has “taken a big hit”, correcting to about ₹130 after hovering around ₹180–200 over the weekend, attributing the cool‑off partly to volatility in broader equity markets. ^[34]

Putting that in perspective:

At a GMP of ₹125–130, the implied listing premium over the ₹2,165 upper band is around 6%, far below the ~13–16% pop that earlier GMP readings of ₹280–340 had suggested. ^[35]

What the GMP tells – and doesn’t tell – you

GMP is not an official or regulated metric. It’s based on thin, opaque over‑the‑counter deals and can change rapidly in response to:

swings in secondary‑market indices,
large anchor allocations or block trades,
changes in risk appetite for financial‑sector IPOs. ^[36]

Most analysts therefore treat it as sentiment noise rather than a reliable forecasting tool. The sharp fall from ₹300‑plus to the ₹125–130 zone shows how quickly expectations can reset even before an IPO opens.

Timeline & shareholder quota: Why ICICI Bank investors are watching closely

Beyond general IPO investors, ICICI Bank shareholders have a special reason to track this issue.

Key dates (all 2025)

11 December (Thu): Anchor book opens
12–16 December (Fri–Tue): IPO subscription window
17 December (Wed): Finalisation of basis of allotment
18 December (Thu): Refunds and credit to demat accounts
19 December (Fri): Listing on NSE & BSE ^[37]

Shareholder reservation

The RHP provides for a reservation of up to 24.48 lakh shares for eligible ICICI Bank shareholders, in addition to the standard QIB / NII / retail buckets. ^[38]

This is significant because:

It offers ICICI Bank investors a dedicated window into the AMC listing.
ICICI Bank remains the controlling shareholder even after the IPO, so the AMC’s performance will likely feed into investor perception of the larger ICICI financial ecosystem. ^[39]

Where ICICI Prudential AMC stands in India’s AMC landscape

From the RHP and brokerage analyses: ^[40]

ICICI Prudential AMC is India’s largest asset manager by active mutual‑fund AUM and the second‑largest overall by QAAUM.
It has a broad product suite including large‑cap, flexi‑cap, balanced advantage, multi‑asset and value strategies that are already category leaders in terms of AUM.
Profitability metrics — net margins above 50% and ROE above 70–80% — underline the operating leverage inherent in the AMC model.

The company will compete on the bourses with HDFC AMC, UTI AMC, Nippon Life India AMC and Aditya Birla Sun Life AMC, giving public‑market investors a broad set of vehicles to express views on India’s structural growth in financial savings. ^[41]

What investors will watch this week

With the issue opening on 12 December, the next few days are crucial. Market participants will focus on:

Anchor book quality
- Names, ticket sizes and diversification of anchor investors typically set the tone for broader demand. A strong global and domestic institutional line‑up would be seen as a vote of confidence on pricing. ^[42]
Subscription numbers across buckets
- High QIB and NII oversubscription, especially in a fully‑priced financials IPO, can offset concerns about a cooling GMP.
- The response to the ICICI Bank shareholder quota will also be closely tracked. ^[43]
Market mood and liquidity
- The broader market has seen bouts of volatility, which already appear to have shaved off some GMP. If indices stay firm and flows remain strong, appetite for a marquee AMC IPO may remain intact despite the OFS‑only structure. ^[44]
Valuation debate vs. peers
- Bulls point to ICICI Prudential AMC’s higher profitability, strong brand and leadership in active AUM.
- Skeptics worry about regulatory risks, fee compression and cyclicality in flows, themes that hang over the entire AMC industry. ^[45]