ICICI Prudential Asset Management received bids worth Rs 3 lakh crore ($33 billion) for its IPO, making it the fourth-most-subscribed IPO in India. The Rs 10,602.65 crore ($1.2 billion) IPO, which closed on Tuesday, saw the highest bids after those of Reliance Power in 2007, LG Electronics India this year, and Bajaj Housing Finance in 2024.
The IPO received 39.17 times subscription on the final day of bidding, led by heavy demand from institutional buyers. It received bids for 1,37,14,88,316 shares against 3,50,15,691 shares on offer, according to details available with the NSE.
Category-wise subscription
The Qualified Institutional Buyers (QIBs) category received 123.87 times the subscription, while the quota meant for non-institutional investors was subscribed 22.04 times. Retail Individual Investors (RIIs) portion received 2.53 times the subscription.
ICICI Prudential Asset Management Company (AMC) announced on Thursday that it has raised Rs 3,022 crore from anchor investors, including the Abu Dhabi Investment Authority and the family offices of Azim Premji and Rakesh Jhunjhunwala.
IPO details
The company has fixed a price band of Rs 2,061-2,165 per share for the issue, valuing it at about Rs 1.07 lakh crore ($11.86 billion).
The initial public offering (IPO) is an entirely offer-for-sale of more than 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings, meaning the company will not receive any proceeds from the offering.
Currently, ICICI Bank holds 51 per cent in the AMC, while Prudential owns the remaining 49 per cent. Once listed, ICICI Prudential AMC will join asset managers such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management.
It will also be the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities