The initial public offering (IPO) of ICICI Prudential AMC, the second-largest mutual fund house by assets, was subscribed 72% on the first day of the bidding on Friday.
According to NSE data, qualified institutional buyers bid for 1.97 times shares on offer. The non-institutional investors part was subscribed 37% while the retail individual investors category received 21% subscription.
QIBs Show Strong Institutional Demand
The IPO is an entirely offer for sale by UK-based Prudential Corporation Holdings, and will conclude on December 16. ICICI Bank holds 51% in the AMC, while Prudential owns 49%.
The pre-IPO and anchor book allocations are testament to institutional investors’ faith in the ICICI Bank-sponsored AMC, said market experts.
Anchor Investors Inject Over ₹3,000 Crore
Other listed AMCs are HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC and Nippon Life India Asset Management.
The firm mobilised Rs 3,021.8 crore late on Thursday from 149 anchor investors at Rs 2,165 per share. The single-largest buyer was the Singapore government. Various sovereign funds bought net 14% of the overall anchor book.