ICICI Prudential Asset Management has cemented its place in India’s capital markets history, attracting ₹3 trillion ($33 billion) in bids — making it the fourth most subscribed IPO in India.
The $1.2 billion offering, which closed on Tuesday, ranks just behind landmark IPOs by Reliance Power (2007), LG Electronics India (2025), and Bajaj Housing Finance (2024).
🔹 Subscription Snapshot
- Institutional investors: ~124× subscribed
- Non-institutional investors: 22×
- Retail investors: 2.5×
- ICICI Bank shareholders: 9.8×
🔹 Why Demand Was So Strong
- ICICI Prudential AMC is India’s second-largest asset manager
- AUM: ₹10+ trillion ($110B)
- Market share: 13.2%
- Backed by ICICI Bank and Prudential (UK)
- Positive long-term outlook for India’s mutual fund industry
“The strong pedigree of ICICI Prudential AMC and the robust outlook for India’s mutual fund industry make this an attractive bet,” said Kranthi Bathini, WealthMills Securities.
🔹 Pre-IPO & Structure
- The IPO was a pure offer-for-sale by Prudential
- Ahead of the listing, Prudential sold 4.5% for ~$545M to marquee investors including ADIA and the family offices of Azim Premji and Rakesh Jhunjhunwala
🔹 What’s Next
Shares are expected to begin trading on Friday, as India heads toward a record year for IPO fundraising.