The IPO, jointly owned by India’s ICICI Bank and the UK’s Prudential, was priced at 2,165 rupees per share at the upper end of the price band, News.Az reports, citing CNBC.
Listed on both the National Stock Exchange and the BSE, the shares were last trading at 2,593 rupees.
The offering was oversubscribed more than 39 times during bidding, driven largely by institutional investors, while the retail portion was subscribed 2.5 times. Major institutional participants included Singapore’s GIC and Temasek, as well as India’s Life Insurance Corporation.
ICICI Prudential AMC is India’s largest asset management company in terms of assets managed under active mutual fund schemes, with quarterly average assets of 101.47 billion rupees. The company had 15.5 million retail investors as of September. Citigroup Global Markets India, BofA Securities India, Morgan Stanley, Axis Capital, Avendus Capital, and ICICI Securities served as joint bookrunners.
While individual investor interest in the IPO was modest, Bain & Company projects retail-driven assets in India’s mutual fund industry to grow to approximately $3.3 trillion by 2035 from 45 trillion rupees in fiscal 2025. Millennials and Gen Z in metro cities are increasingly investing in mutual funds, often avoiding direct equities, boosting opportunities for asset managers.
Investment through systematic investment plans (SIPs), which involve regular, small investments, tripled to 2.89 trillion rupees in fiscal 2025 from 2021, according to the Association of Mutual Funds in India.
India raised $11.4 billion via 252 IPOs in the first three quarters of 2025, with major listings including LG Electronics, Tata Capital, Lenskart, and ICICI Prudential AMC expected to push the year’s total above last year’s $19.9 billion, according to EY.
“Due to financialization of savings, Indians are increasing their exposure to mutual funds and equities. AMCs like ICICI Prudential are a carrier of this change,” said Kranthi Bathini, equity strategist at Mumbai-based WealthMills Securities. He added that the stock is “fairly valued, but any dips are a buy opportunity,” noting ICICI Prudential AMC’s scale makes it a strong play on India’s long-term financialization trend.
ICICI Prudential AMC reported a 32% revenue rise in fiscal 2025 to 49.77 billion rupees year-on-year, with net income increasing nearly 30% to 26.50 billion rupees.
