ICICI Prudential AMC IPO GMP Jumps: Here's What It Means for Listing Day

The ICICI Prudential AMC IPO is scheduled to list on December 19 following a strong subscription of 39.17 times, driven primarily by high demand from institutional investors.

ICICI Prudential Asset Management Company is all set to make its stock market debut on Thursday (December 18), and expectations are running high after the IPO received a strong response, especially from institutional investors. With allotments now finalised, the spotlight has shifted to potential listing gains.

Heavy Institutional Demand Lifts Overall Subscription

The IPO was subscribed an impressive 39.17 times, driven largely by robust interest from qualified institutional buyers. While retail participation was relatively moderate at 2.53 times, non-institutional investors subscribed 22.04 times. The QIB category stood out, attracting subscriptions of 123.87 times, excluding anchor investors, underlining strong institutional confidence in the issue.

Allotment Completed, Focus Shifts to Listing Day

Investors who applied for the IPO can check their allotment status on the websites of registrar Kfin Technologies or the BSE. With the process now complete, market attention has turned to how the stock may perform on its debut on the exchanges.

Grey Market Signals Point to Healthy Gains

Grey market trends indicate a positive start for the stock. As of December 18 morning, the ICICI Prudential AMC IPO was commanding a grey market premium of around Rs 370. Based on the upper price band of Rs 2,165, the estimated listing price works out to roughly Rs 2,535, suggesting a potential upside of about 17 percent.

Strong Bidding Reflects Investor Confidence

Market participants note that the rising GMP reflects steady demand during the bidding period. The IPO received bids for more than 1.37 billion shares, amounting to nearly Rs 2.97 lakh crore, against an offer size of just over 3.5 crore shares.

Offer-for-Sale Issue, No Fresh Funds for Company

The Rs 10,602.65-crore IPO was a book-built issue and entirely an offer for sale of 4.90 crore shares. This means the company will not receive any fresh capital from the listing, with existing shareholders reducing their stake through the public issue.

Key Dates and Investment Details

The IPO opened for subscription 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, retail investors had to invest a minimum of Rs 12,990 for a lot of six shares, while non-institutional investors required higher minimum investments depending on category.