ICICI Prudential IPO receives overwhelming response, QIBs fully subscribed on day one

ICICI Prudential Asset Management Company's (AMC) initial public offering (IPO) continues to receive a strong response from institutional investors. 

The Qualified Institutional Buyers (QIB) portion was fully subscribed on the first day of the issue. On the first day, bids worth approximately ₹5,490 crore were received, against a total of ₹7,581 crore. The initial public offering was 72% subsidized on the first day.

The QIB category received a 1.97x response, underscoring the strong confidence of institutional investors in the company's long-term business principles. 

Other investor categories also saw strong response, with the Non-Institutional Investor (NII) category receiving 0.37x, Retail Individual Investors (RII) receiving 0.21x, and the Reserved category receiving 0.44x.

Investors showed interest

This strong response resulted in significant interest from leading global and domestic investors in the pre-IPO and anchor book. Prior to the IPO, ICICI Prudential AMC raised ₹3,021.8 crore from 149 anchor investors by allotting approximately 13.95 million equity shares at ₹2,165 per share. 

The anchor book included leading sovereign wealth funds such as GIC, Temasek and Lunet, global asset managers such as Fidelity, BlackRock, Norges Bank, Aberdeen, Wellington Capital Group, JP Morgan Asset Management, Goldman Sachs Asset Management and HSBC Global Asset Management, as well as private equity investors such as Kedaara Capital and ChrysCapital.

Domestic investor participation was equally strong, with investments from prominent family offices and seasoned investors such as Premji Invest, HCL Family Office, Prashant Jain (3PIM), Manish Chokhani, the estate of the late Rakesh Jhunjhunwala, and MK Ventures. 

All major domestic life insurance companies, including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life Insurance, and Bajaj Life, participated in the anchor book. Additionally, 27 domestic mutual funds invested through 77 schemes, including 19 of the top 20 mutual fund houses.

Pre-IPO Placement

The company also completed a pre-IPO placement of approximately ₹4,815 crore prior to the IPO, indicating strong demand ahead of the issue. 

With a valuation of ₹107,000 crore after listing, the P/E ratio will be 40.4 times FY2025 earnings and 33.1 times annualized figures for the first half of FY2026. 

This represents a discount of over 10% compared to HDFC AMC (45.5 times) for FY2025 and approximately 16% to annualized net profit for the first half of FY2026.

If the valuation is done after deducting cash from the balance sheet, the proposed valuation is 32.1 times FY2025 earnings and 26.9 times annualized PAT for the first half of FY2026. 

This represents a 16% discount to HDFC AMC's FY2025 earnings and approximately 26% discount to annualized PAT for the first half of FY2026. 

The IPO, issued by promoter Prudential Corporation Holdings Limited, opened on December 12, 2025, and will close on December 16, 2025. 

At the upper end of the price range, the issue size is approximately ₹10,602 crore. Investors can bid for a minimum of six equity shares and in multiples thereafter.