A signboard at a branch of ICICI Prudential Asset Management in Delhi, India, on Thursday, December 18, 2025. ICICI Prudential AMC’s initial public offering, which aims to raise up to 106 billion rupees ($1.2 billion), received bids for more than 1.37 billion shares as of the end of the last day of offering on Tuesday, out of 35.02 million shares on offer, according to exchange data. Photographer: Anindit Mukherjee/Bloomberg via Getty Images
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Shares in ICICI Prudential, one of India’s largest asset management companies, rose 19% in their trading debut on Friday following a 106 billion rupee ($1.17 billion) initial public offering.
The company, which is jointly owned by India’s ICICI Bank and Britain’s Prudential, priced its IPO at Rs 2,165 per share, at the high end of its price range. The stock listed on the National Stock Exchange and BSE closed at Rs 2,576.20.
The stock was subscribed more than 39 times during the bidding process, mainly due to strong demand from institutional investors. The retail portion of the IPO was only 2.5 times oversubscribed.
Major institutional investors participating in the IPO include Singapore’s GIC and Temasek, and India’s public insurance company Life Insurance Corporation.
ICICI Prudential AMC is India’s largest asset management company that manages assets under active mutual fund schemes with average quarterly mutual fund assets of Rs 101.47 billion. The company had 15.5 million individual investors as of the end of September.
Citigroup Global Markets India, BofA Securities India, Morgan Stanley, Axis Capital, Avendus Capital and ICICI Securities were the joint bookrunners.
Although the IPO attracted relatively low interest from retail investors, global consulting firm Bain & Company estimates that retail-driven assets in India’s mutual fund industry will grow to about $3.3 trillion by 2035 from Rs 45 trillion in FY25.
This is due to an increasing trend among salaried millennials and Generation Z living in large cities to invest their savings in mutual funds instead of investing directly in stocks, the report said.
As more individual investors participate in the capital markets, the opportunities for asset management companies to handle their funds are increasing.
Investments through systematic investment plans, which invest single amounts at regular intervals, tripled to Rs 2.89 trillion in FY2025 from FY21, according to data from the Association of Mutual Funds of India.
In India, companies raised $11.4 billion through 252 IPOs in the first three quarters of this year, according to an October report from EY. A number of major listings are expected in the final quarter, including LG Electronics, Tata Capital, Lenskart and ICICI Prudential AMC, with the final fundraising amount expected to exceed last year’s $19.9 billion.
“With the financialization of savings, Indians are increasing their exposure to mutual funds and stocks. AMCs like ICICI Prudential are agents of this change,” said Kranti Bhatini, equity strategist at Mumbai-based Wealth Mills Securities.
He added that ICICI Prudential AMC’s scale well represents the long-term story of financialization of savings in India, so the stock is “fairly valued, but any dip is a buying opportunity.”
ICICI Prudential AMC’s FY25 revenue grew over 32% year-on-year to Rs 49.77 billion, while net profit rose nearly 30% to Rs 26.5 billion.
