ICICI Prudential AMC IPO: 10 Things Every Investor Should Know Before Applying

Mumbai | December 11, 2025

1. About the Company

With a 30-year track record in India’s mutual fund space, ICICI Prudential AMC is a leading fund house managing mutual funds, portfolio management services (PMS), alternative investment funds (AIFs) and advisory mandates.
It serves retail, HNI and institutional investors through a broad mix of equity, debt, hybrid and passive products.
With a pan-India presence across more than 300 offices, ICICI Pru AMC enjoys strong brand trust, backed by its promoters – ICICI Bank Ltd. (51% holding) and Prudential Corporation Holdings Ltd. (UK)

As of September 30, 2025, ICICI Pru AMC managed ₹10.14 lakh crore in mutual fund AUM, commanding a 13.3% market share in the active fund category.

2. ICICI Prudential AMC IPO Key Details

ICICI Prudential AMC IPO is a book-building issue of Rs 10,602.65 crore. It comprises only an offer-for-sale (OFS) of 4.9 crore shares.

The price band for the IPO has been set at Rs 2,061 and Rs 2,165 per share.

Minimum lot size for retail investors is six shares, amounting to a minimum investment of Rs 12,990 per application based on the upper limit of the issue price.

3. Important Dates

The subscription window for the IPO will remain open from December 12 to December 16, with the allotment expected to be finalised on December 17. The company will transfer shares to the demat accounts of successful bidders on December 18 and refunds to non-allottees will also be processed on the same day.
It is scheduled to be listed on the BSE and NSE on December 19.

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4. Financial Performance

For the half-year ended September 30, ICICI Prudential AMC has reported a 22% YoY rise in profit after tax at Rs 1,617.74 crore from Rs 1,327.11 crore in the same period a year ago.
Total income grew 20% YoY to Rs 2,949.6 crore for the six months ended September 30, compared to Rs 2,458.2 crore a year ago.

3-year Snapshot:

5. Peer Comparison

The company enters a market that already features several well-known players. Its listed competitors include HDFC Asset Management Company, Nippon Life India Asset Management, UTI Asset Management Company, Aditya Birla Sun Life AMC, and Canara Robeco AMC.

6. ICICI Prudential AMC IPO GMP Today

ICICI Prudential AMC IPO is trading at a healthy grey market premium (GMP) of ₹119 per share. This implies a potential listing price of around ₹2,284, about 5.5% above the upper issue price of ₹2,165.

Note: GMP does not represent official data and is based on speculation

7. Business Strengths

ICICI Pru AMC combines brand leadership, operational efficiency, and steady profitability, helping it stay ahead in an increasingly competitive AMC landscape.

Strong promoter backing: With ICICI Bank’s distribution and Prudential’s global expertise, the AMC enjoys unmatched brand recall and corporate governance.

Pan-India presence: Its extensive retail network and digital platforms make it a preferred choice for SIP investors and distributors across India.

Diverse product basket: From active equity funds and ETFs to hybrid and alternative strategies, the AMC’s diversified portfolio reduces risk concentration and provides revenue stability.

Consistent profitability: The company maintains strong operating margins and a high return on equity, reflecting efficient cost management and steady fund performance.

Industry outlook: Growing investor participation, financialisation of savings, and higher SIP inflows create long-term tailwinds for the mutual fund industry — and ICICI Pru AMC is well-placed to capture that growth.

8. Key Risks

While the fundamentals remain strong, investors should keep these factors in mind before subscribing:

Market-linked revenue: Since income is directly linked to AUM and market valuations, prolonged volatility can impact management fees.

Regulatory changes: SEBI’s ongoing review of expense ratios and distribution norms could affect profitability across AMCs.

High competition: With HDFC, SBI, Nippon, and other large fund houses in the mix, margins may face pressure as product offerings converge.

Revenue concentration: Mutual funds contribute the bulk of revenue; any slowdown in SIP inflows or equity fund participation could dampen growth.

No fresh capital: Being a pure OFS, the initial public offering  proceeds go entirely to the selling shareholder and not towards business expansion.

9. PL Capital Rating & Valuations

PL Capital believes that reasonable valuations, strong equity flows, and improving performance make this IPO a SUBSCRIBE.

ICICI Prudential AMC is one of the strongest players in the mutual fund industry with consistent equity performance, rising market share, and superior flow momentum.

At the upper price band, the IPO values the company at 29x FY27E and 25x FY28E core earnings, which is at a discount to HDFC AMC (35x/31x) and Nippon AMC (32x/30x).

Given its leadership in equity AUM, strong fund performance, and a better earnings trajectory versus peers, the IPO is fairly valued and offers room for long-term compounding.

10. How to Apply

You can apply via UPI or ASBA through your broker, bank, or online trading account.

👉 Apply Now on PLIndia.com