Shares of ICICI Prudential AMC, one of India’s largest asset managers, jumped about 20 percent on their market debut on Friday after the company raised 106 billion rupees ($1.17 billion) through its IPO. The issue was priced at 2,165 rupees per share, the top end of the price band, and the stock later traded around 2,593 rupees on both the NSE and BSE.
The IPO saw strong overall demand, with subscriptions exceeding 39 times, largely driven by institutional investors. The retail segment, however, was subscribed about 2.5 times. Major participants included Singapore-based GIC and Temasek, along with India’s Life Insurance Corporation.
ICICI Prudential AMC is India’s largest asset management company by assets under active mutual fund schemes, with average quarterly assets of 101.47 billion rupees and a retail investor base of 15.5 million as of September-end.
Although retail interest in the IPO was moderate, industry prospects remain strong. Bain & Company expects retail-led mutual fund assets to grow sharply by 2035, supported by rising SIP investments and greater participation from millennials and Gen Z investors.
