India’s IPO market has found its next test case. ICICI Prudential Asset Management Company, one of the country’s largest mutual fund houses, moved a step closer to its market debut after finalising share allotments, with grey market signals pointing to a strong listing and institutional investors placing their bets early.
Allotment Finalised as Listing Nears
ICICI Prudential Asset Management Company’s much-anticipated IPO allotment has been completed, setting the stage for its share debut on Indian exchanges on December 19, 2025. Investors who applied can now check allotment status via NSE, BSE or the registrar KFin Technologies. The grey market signals suggest a substantial premium over the offer price, pointing to a strong first-day listing performance. mint
Record Subscription and Market Response
The ₹10,602.65-crore IPO attracted overwhelming interest, closing with roughly 39.17 times subscription on its final bidding day, fueled largely by institutional demand. Domestic institutional investors played a major role, while retail participation remained modest in comparison. mint
Market sources say the grey market premium (GMP) surged to about ₹400, indicating a potential listing price near ₹2,565 — roughly 18% above the ₹2,165 upper price band. mint
Strong Fundamentals Behind the Hype
ICICI Prudential AMC, a joint venture between ICICI Bank and UK-based Prudential, manages one of India’s broadest mutual fund portfolios with 143 schemes across asset classes and a commanding position in equity and hybrid assets. mint
It has also been the most profitable asset manager in India on an operating profit basis for FY2025, with strong revenue and asset growth trends. mint
Ratings and Analyst Views
Brokerage coverage has begun ahead of the listing, with at least one firm assigning a ‘Buy’ rating and a ₹3,000 target on the stock — suggesting upside from both the IPO price and expected debut level. The Economic Times
What Comes Next
Shares are due to be credited to successful applicants’ demat accounts on December 18, with final listing on the Bombay Stock Exchange and National Stock Exchange on December 19. Investors will watch closely to see if the grey market expectations translate into actual listing gains once trading begins. mint
