2nd largest by AUM-ICICI Prudential AMC Makes Stellar Debut on Dalal Street: Lists at 20% Premium

In a significant milestone for the Indian financial markets, ICICI Prudential Asset Management Company (AMC) successfully marked its debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on December 19, 2025. As the fifth company from the ICICI Group to enter the public markets, the AMC saw its shares listed at a robust premium of over 20 per cent, opening at Rs 2,600 on the NSE and Rs 2,606.20 on the BSE against an upper price band of Rs 2,165.

This stellar performance on Dalal Street follows a highly successful IPO that was oversubscribed 39.17 times, driven largely by institutional appetite, with the Qualified Institutional Buyers (QIB) segment booked 123.87 times. The issue, which was a pure Offer for Sale by Prudential Corporation Holdings, successfully valued the firm at approximately Rs 1.07 lakh crore at the offer price, a figure that surged as intraday trading pushed share prices toward the Rs 2,662 mark.

The enthusiasm surrounding the listing is backed by the company’s dominant position as India’s second-largest asset manager by Quarterly Average Assets Under Management (QAAUM). As of September 2025, ICICI Prudential AMC manages Rs 8,635.7 billion in active mutual fund assets, commanding a 13.3 per cent market share. The company has demonstrated exceptional financial health, reporting a revenue CAGR of 32 per cent between FY23 and FY25 and maintaining a debt-free balance sheet.

With a net profit of Rs 2,650.66 crore in FY25 and a superior Return on Equity (ROE) of 82.8 per cent, the firm’s profitability significantly outpaces its primary listed peers, HDFC AMC and Nippon India AMC. Investors are particularly attracted to its diversified revenue streams, which include a growing presence in high-margin Alternates such as Portfolio Management Services (PMS) and Alternative Investment Funds (AIF), which reached Rs 729.3 billion in QAAUM.

Looking ahead, the industry outlook remains bullish as India’s mutual fund penetration continues to rise toward global standards. Industry experts project a 16–18 per cent CAGR for the sector through FY30, fuelled by the rising trend of SIPs and financialization of savings. Despite potential threats such as regulatory changes to Total Expense Ratio (TER) and market volatility, ICICI Prudential’s vast distribution network of 272 offices and its strong parentage provide a significant competitive moat. The company aims to outperform the industry growth rate by leveraging its 15.5 million-strong customer base and its leadership in the equity and hybrid fund segments, making it a cornerstone investment for those looking to capitalise on India’s booming wealth management landscape.

Disclaimer: The article is for informational purposes only and not investment advice.