ICICI Prudential AMC IPO – Company Analysis
ICICI Prudential AMC IPO is a Mainboard IPO and a book-building issue worth ₹10,602.65 crore by ICICI Prudential AMC Ltd., one of India’s leading asset management companies. The company follows a robust investment strategy focused on strong risk management and delivering long-term returns to its clients.
As of September 30, 2025, ICICI Prudential AMC maintains an active Quarterly Average Asset Under Management (QAAUM) of ₹10,147.6 billion, reflecting its significant presence in the asset management space. The company manages 143 schemes, which are categorized as follows:
- 44 equity and equity-oriented schemes
- 20 debt schemes
- 61 passive schemes
- 15 domestic fund-of-funds schemes
- 1 liquid scheme
- 1 overnight scheme
- 1 arbitrage strategy
With operations spanning 272 offices across 23 states and 4 union territories, ICICI Prudential AMC has built a strong PAN India distribution network, enabling it to serve a wide base of investors efficiently.
Services Offered
- Mutual Fund Business
- Portfolio Management Business
- Alternative Investment Fund Business
ICICI Prudential AMC IPO Details
The ICICI Prudential AMC Ltd IPO will be open for subscription from 12 December to 16 December 2025, with the IPO allotment scheduled on 17 December and refunds beginning on 18 December 2025.
This ₹10,602.65 crore Mainboard IPO is a complete Offer for Sale (OFS) of 4.90 crore shares.
The expected listing date for ICICI Prudential AMC shares is Friday, 19 December 2025, with the stock set to be listed on both BSE and NSE.
The IPO price band has been fixed at ₹2,061 to ₹2,165 per share, giving investors a clear indication of the issue price range.
| Events | Date |
| IPO Opening Date | December 12, 2025 |
| IPO Closing Date | December 16, 2025 |
| IPO Allotment Date | December 17, 2025 (Tentative) |
| Refund Initiation | December 18, 2025 (Tentative) |
| Tentative IPO Listing Date | December 19, 2025 |
Industry Outlook
If you want to apply for the IPO, open a Free Demat Account.
Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,383.68 | 3,554.09 | 2,804.76 |
| Total Income | 4,979.67 | 3,761.21 | 2,838.18 |
| PAT | 2,650.66 | 2,049.73 | 1,515.78 |
| EBITDA | 3,636.99 | 2,780.01 | 2,072.58 |
| Net Worth | 3,516.94 | 2,882.84 | 2,313.06 |
| Reserves & Surplus | 3,432.85 | 2,798.75 | 2,228.97 |
Cash Flows
The cash flows for different activities are presented below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | FY25 | FY24 | FY23 |
| Net Cash Flow Operating Activities | 25,735.0 | 17,645.4 | 13,999.6 |
| Net Cash Flow Investing Activities | (5,128.8) | (2,456.0) | (1,294.4) |
| Net Cash Flow Financing Activities | (20,682.9) | (15,272.8) | (12,642.6) |
Revenue Bifurcation
(Source RHP)
The Objective of The Issue
This is a complete Offer for Sale (OFS), and the proceeds from the issue will not go to the company.
Click to check the IPO application status.
Listed Peers of ICICI Prudential AMC Ltd.
| Company Name | Face Value (₹) | EPS (₹) | P/E (x) |
| HDFC Asset Management Co. Ltd. | 5 | 57.6 | 45.2 |
| Nippon Life India Asset Management Ltd. | 10 | 20.3 | 41.0 |
| UTI Asset Management Co. Ltd. | 10 | 57.4 | 19.8 |
| Aditya Birla Sun Life AMC Ltd. | 5 | 32.3 | 22.5 |
Valuation
| KPI | Values |
| ROE | 82.8% |
| RoNW | 82.8% |
| EBITDA Margin | 0.36% |
| Price to Book Value | 30.41 |
Evaluation of P/E Ratio
At the IPO price of ₹2,165 per share, ICICI Prudential AMC is priced at a P/E multiple of 40.39x, based on its FY25 earnings per share (EPS) of ₹53.6. This valuation reflects investor expectations for the company’s strong growth trajectory, robust asset management performance, and long-term profitability in India’s asset management sector.
IPO's Strengths
ICICI Prudential AMC is India’s largest asset management firm in terms of assets under active mutual fund schemes. The company offers a diversified product portfolio across multiple asset classes, catering to a wide range of investor needs. Its extensive distribution network spans pan-India through multiple channels, ensuring strong market reach and accessibility. Over the years, the company has demonstrated a consistent and profitable growth track record, reflecting its strong fundamentals and robust business model.
IPO Weaknesses
While ICICI Prudential AMC regularly introduces new investment products to meet evolving investor needs, the company cannot guarantee the future success or scalability of these offerings. Additionally, competition from both established and emerging players in the asset management sector may affect growth momentum. Operating in a highly regulated industry, any non-compliance or breach of regulatory requirements could result in regulatory actions, impacting operations and reputation.
ICICI Prudential AMC IPO GMP
ICICI Prudential AMC IPO GMP is ₹248 as of 15 December 2025, updated at 09:56 AM. With a price band of ₹2165, the estimated listing price is ₹2305, indicating a 6.47% expected gain. Check the latest GMP of ICICI Prudential AMC IPO before applying. Investors can check all key details, including the IPO price band, GMP, allotment dates, listing date, and potential returns, before making investment decisions.
ICICI Prudential AMC Limited IPO Summary
| IPO Opening & Closing Date | Dec 12, 2025 to Dec 16, 2025 |
| Face Value | Rs. 1 per Share |
| Issue Price | Rs. 2061 to Rs. 2165 |
| Lot Size | 6 Shares |
| Issue Size | 4,89,72,994 Shares (Rs. 10,602.65 Cr) |
| Offer for Sale | 4,89,72,994 Shares (Rs. 10,602.65 Cr) |
| Fresh Issue | - |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | Kfin Technologies Ltd. |
ICICI Prudential AMC IPO Lot Size
The ICICI Prudential AMC Ltd. IPO permits retail investors to apply for a minimum of 1 lot (6 shares) valued at ₹12,990, and a maximum of 15 lots (90 shares) totaling ₹1,94,850. For S-HNI investors, the minimum application is 16 lots (96 shares) worth ₹2,07,840. This structured lot size ensures participation across different investor categories while aligning with regulatory requirements.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 15 Lots |
| SHNI (Minimum) | 16 Lots |
| SHNI (Maximum) | 76 Lots |
| BHNI (Minimum) | 77 Lots |
ICICI Prudential AMC IPO Reservation
| Institutional Share Portion | 50% |
| Retail Investors' Share Portion | 35% |
| Non-Institutional Shares Portion | 15% |
ICICI Prudential AMC IPO Allotment Status
To check your ICICI Prudential AMC IPO allotment status, you can visit the official registrar’s website or the BSE website. Below are the links for your convenience:
BSE Website - BSE IPO allotment status
Promoters And Management of ICICI Prudential AMC Ltd.
ICICI Bank Limited and Prudential Corporation Holdings Limited
| Pre-Issue Promoter Shareholding | 100% |
| Post-Issue Promoter Shareholding | - |
ICICI Prudential AMC IPO Lead Managers
Citigroup Global Markets India Pvt. Ltd.
Dividend Policy
The company has paid dividends of ₹1,140, ₹837, and ₹691 in the last three financial years, respectively.
Conclusion
The ICICI Prudential AMC Ltd. IPO opens for subscription from 12 December to 16 December 2025, with allotment on 17 December and refunds starting on 18 December 2025. The shares are expected to list on 19 December 2025 on both BSE and NSE.
This ₹10,602.65 crore Mainboard IPO is a complete Offer for Sale (OFS) of 4.90 crore shares, allowing investors to gain exposure to India’s largest asset management firm, known for its diverse product range, high ROE, and strong profitability. Retail investors can apply for a minimum of 1 lot (6 shares) worth ₹12,990 and a maximum of 15 lots (90 shares) worth ₹1,94,850, while S-HNI investors have a minimum application of 16 lots (96 shares) worth ₹2,07,840.
The IPO price band is set at ₹2,061 to ₹2,165 per share. At the upper price of ₹2,165, the company is valued at a P/E multiple of 40.39x, based on its FY25 EPS of ₹53.6.
As of 11 December 2025, the GMP (Grey Market Premium) stands at ₹108, suggesting an estimated listing price of ₹2,307 and a potential gain of 6.56% per share.
While the IPO provides investors with an opportunity to participate in one of India’s largest asset management companies, it is important to note that as a complete OFS, ICICI Prudential AMC does not raise any fresh capital. Consequently, valuations may be higher, reflecting market demand rather than fund-raising objectives.
