ICICI Prudential AMC Shares Climb 19% in Mumbai Debut After $1.17 Billion IPO

Shares of ICICI Prudential Asset Management Company rose sharply in their first session on Friday, adding 19% to the offer price after the asset manager completed a 106 billion-rupee ($1.17 billion) initial public offering. The stock opened on the National Stock Exchange and the BSE at 2,500 rupees and closed at 2,576.20 rupees, well above the 2,165-rupee issue price that had been set at the top of the proposed range.

The offering was one of India’s largest this year and was handled by a syndicate that included Citigroup Global Markets India, BofA Securities India, Morgan Stanley, Axis Capital, Avendus Capital and ICICI Securities. Demand was strong: exchange data showed overall subscription exceeding the shares on offer by more than 39 times during the three-day book-building process. While institutional investors accounted for the bulk of the bids, the retail allocation was subscribed about 2.5 times.

Singapore sovereign wealth funds GIC and Temasek, along with India’s Life Insurance Corporation, featured among the anchor investors that bought shares ahead of the wider sale. The company is jointly owned by ICICI Bank, one of India’s largest private-sector lenders, and U.K.-based Prudential.

ICICI Prudential AMC manages the country’s biggest portfolio of actively managed mutual fund assets, reporting a quarterly average of 101.47 billion rupees under management. As at the end of September, the firm served roughly 15.5 million retail investors, highlighting its large presence in India’s fast-growing mutual fund market.

Financial results released with the prospectus show revenue increased 32% year on year to 49.77 billion rupees in the fiscal year ended March 2025. Net income advanced nearly 30% to 26.50 billion rupees over the same period, supported by higher fee income and a broader client base.

The listing arrives amid rising household participation in India’s capital markets. Global consultancy Bain & Company projects that retail-driven mutual fund assets could reach roughly $3.3 trillion by 2035, up from about 45 trillion rupees in fiscal 2025. Regular investment plans—small, fixed amounts contributed at frequent intervals—have become a popular gateway: data from the Association of Mutual Funds in India show systematic investment plan inflows tripled to 2.89 trillion rupees between fiscal 2021 and fiscal 2025.

Market strategists view large asset managers as direct beneficiaries of the shift from traditional savings instruments toward market-linked products. Kranthi Bathini, equity strategist at Mumbai-based WealthMills Securities, said the company’s scale positions it to capture a significant share of the expanding pool of mutual fund assets, adding that any weakness in the share price could provide a buying opportunity for long-term investors.

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Initial public offerings have been plentiful in India this year. According to an October report from EY, 252 transactions raised $11.4 billion during the first nine months of 2025. Several large flotations—including LG Electronics’ local unit, Tata Capital, Lenskart and ICICI Prudential AMC—were scheduled for the final quarter, suggesting full-year totals may top last year’s $19.9 billion.

The proceeds from ICICI Prudential AMC’s sale will be divided between existing shareholders and the company, which plans to channel its portion toward technology upgrades and the expansion of distribution networks across smaller Indian cities. Management has indicated that deeper penetration in semi-urban and rural areas is critical to sustaining growth as metropolitan markets mature.

After Friday’s rally, the asset manager’s market capitalization stood at roughly 1.85 trillion rupees. Analysts said immediate price movements would likely depend on broader market sentiment and the pace at which the firm deploys the IPO funds. Trading volumes were heavy on debut, with more than 42 million shares changing hands on the NSE alone.

Crédito da imagem: Bloomberg via Getty Images