ICICI Prudential Asset Management Company made a strong debut of around 20% over its issue price om Friday and finally settled at Rs 2586.70 slightly lower by 0.8% from its opening price.
The stock climbed as much as 23% intraday to Rs 2,662 apiece. Its MD & CEO Nimesh Shah at the listing ceremony said: “It gives me happiness that I’ve been able to be part of a company that will keep doing one thing: managing money properly. Once we do that, if we manage money well, with the brand we have and the support from the whole ecosystem, we’ll do well as a company, and extremely so.
The Rs 10,600 crore initial public offering was third in terms of listing gains among large IPOs of over Rs 5,000 crore after LG Electronics and Meesho. Its overall subscription was 39.17 times, QIBs subscribed 123.87 times, NIIs 22 times, retail 2.53 times, and shareholders 9.75 times. Against the issue size, the company received bids of nearly Rs 3 lakh crore.
Valuations Catch Up with AUM Dominance
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said: “Listing was in line with our expectation and even market mood supported the debut. Post listing the valuations now are in line with all the peers in the same business. With strong pedigree of ICICI Bank and Prudential, robust digital adoption and low concentration risk across schemes, we believe ICICI Pru AMC could command a premium valuation multiple than its peers. Given its dominant market position and long-term tailwinds from financialization of household savings.”
The four largest fund houses — SBI, ICICI, HDFC and Nippon — together control more than half the market. The State Bank’s AMC, the largest in industry, is planning to list in the first half of 2026.
Managing Margins in a Mature MF Ecosystem
HDFC AMC and Nippon Life India AMC are already traded. Other listed players include UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Canara Robeco AMC. Canara Robeco debuted on October 16 at a 5.3% premium to its IPO price after receiving nearly 10 times subscription.