ICICI Prudential Asset Management Company’s initial public offering is set to make its stock market debut on Thursday, with investor focus firmly on the expected listing gains after a strong response during the bidding period.
The IPO allotment was finalised on Wednesday, following heavy demand from institutional investors over the three-day subscription window. While retail participation was moderate, strong interest from qualified institutional buyers pushed overall subscription numbers sharply higher.
The ICICI Prudential AMC IPO was subscribed 39.17 times. The retail category was subscribed 2.53 times, the non-institutional investor segment saw subscriptions of 22.04 times, while the qualified institutional buyers category was subscribed a massive 123.87 times, excluding anchor investors. This strong institutional demand has boosted confidence around the listing.
Investors who applied for the IPO can check their allotment status on the websites of the registrar, Kfin Technologies, or the BSE. With allotment completed, attention has now shifted to the listing price and potential gains on debut.
Grey market trends suggest healthy listing gains. ICICI Prudential AMC IPO’s last reported grey market premium stood at Rs 370, as of December 18 at 7:37 am.
Based on the upper price band of Rs 2165, the estimated listing price is around Rs 2535 per share. This indicates an expected gain of about 17.09% per share.
Market participants point out that the rising GMP reflects steady demand for the issue, which received bids for over 1.37 billion shares worth nearly Rs 2,96,927 crore, against an offer size of just over 3.5 crore shares.
The IPO was a book-built issue worth Rs 10,602.65 crore and was entirely an offer for sale of 4.90 crore shares. As a result, ICICI Prudential AMC will not receive any fresh funds from the issue. Existing shareholders have reduced their stake through the listing.
The public issue opened on December 12 and closed on December 16. Shares are scheduled to list on both the BSE and NSE on December 19.
At the upper price band, the minimum investment for retail investors was Rs 12,990 for a lot of six shares. Small non-institutional investors had to apply for at least 96 shares worth Rs 2,07,840, while big non-institutional investors needed a minimum of 462 shares amounting to Rs 10,00,230.
While grey market signals remain strong, analysts continue to advise investors to focus on long-term fundamentals rather than short-term listing gains alone.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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