ICICI Prudential AMC IPO Draws ₹3 Trillion in Bids, Among India’s Most Subscribed Issues
ICICI Prudential Asset Management’s $1.2 billion initial public offering has attracted bids worth nearly ₹3 trillion ($33 billion), making it the fourth most subscribed IPO in India’s history. The issue, which closed on Tuesday, saw demand trail only the blockbuster offerings of Reliance Power in 2007, LG Electronics India earlier this year, and Bajaj Housing Finance in 2024, underlining strong investor appetite for marquee financial services listings.
The overwhelming response was led by institutional investors, whose quota was subscribed about 124 times, reflecting confidence in the company’s strong parentage and growth prospects. Market experts said ICICI Prudential AMC’s established track record and the robust outlook for India’s mutual fund industry have made the offering particularly attractive, setting the tone for a record year of fundraising in Indian capital markets.
The asset manager, a joint venture between ICICI Bank and UK-based Prudential, manages over ₹10 trillion in assets with a market share of 13.2% as of the end of September. The IPO was an offer-for-sale by Prudential, which had earlier sold a 4.5% stake to marquee investors including the Abu Dhabi Investment Authority and the family offices of Azim Premji and Rakesh Jhunjhunwala. Shares allotted to non-institutional, retail, and ICICI Bank shareholders were subscribed 22 times, 2.5 times, and 9.8 times respectively, with the stock expected to debut on the exchanges on Friday.
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