ICICI Prudential AMC IPO Subscribed 1.7 Times by Day 2 Afternoon
The ICICI Prudential AMC IPO gathered strong momentum on Day 2 of bidding, with subscription levels rising sharply through the afternoon hours. By 3:00 pm on Monday, the public issue was subscribed 1.68 times, driven by accelerating demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs).
According to consolidated data from the NSE and BSE, the IPO received bids for 5.87 crore shares, compared with 3.50 crore shares on offer. With one more day of bidding remaining, investors are now closely watching whether institutional demand continues to build into the final stretch.
Institutional Participation Anchors the IPO on Day 2
Institutional investors remained the backbone of the ICICI Prudential AMC IPO, reinforcing confidence after the company’s ₹3,021.8-crore anchor book was fully subscribed ahead of the issue opening.
The QIB category was subscribed 2.21 times by mid-afternoon on Day 2. This segment received bids for 2.05 crore shares, against 93.05 lakh shares reserved.
Within the QIB segment:
Foreign institutional investors (FIIs) bid for 98.90 lakh shares
Domestic financial institutions and insurance companies accounted for 46.25 lakh shares
Mutual funds bid for 27.28 lakh shares, with the balance coming from other institutional investors
Market participants say the steady QIB demand reflects long-term confidence in ICICI Prudential AMC’s business model, scale, and leadership position in India’s growing asset management industry.
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NII Demand Surges Sharply, Signalling Rising Risk Appetite
The non-institutional investor (NII) segment saw one of the sharpest jumps in demand on Day 2. By 3 pm, the category was subscribed 3.02 times, with bids for 2.11 crore shares against 69.79 lakh shares on offer.
Breaking it down further:
Large NIIs subscribed 3.00 times
Small NIIs subscribed 3.05 times, driven largely by individual investors using leveraged applications
The strong NII participation suggests growing confidence that the issue could see further subscription build-up toward the close, especially if institutional demand remains firm on the final day.
Shareholder Quota Oversubscribed; Retail Interest Improves Gradually
The shareholder category continued to show healthy traction, reaching 2.19 times subscription on Day 2. Bids stood at 53.55 lakh shares, against 24.49 lakh shares reserved.
Retail investor participation also improved steadily, though it remained relatively muted compared with institutional segments. The retail category was subscribed 72 percent, with bids for 1.17 crore shares against an allocation of 1.63 crore shares.
A large portion of retail demand came through cut-off price bids, indicating that retail investors are willing to accept the final discovered price rather than attempting to time the valuation.
Anchor Book Lends Stability to Subscription Momentum
The ICICI Prudential AMC IPO entered the market with a strong foundation, having raised ₹3,021.8 crore from anchor investors ahead of the public issue. This anchor participation has played a key role in building confidence among other investor categories.
Market analysts note that IPOs with solid anchor backing often see sustained institutional interest through the bidding window, especially when the underlying business has predictable cash flows and long-term growth visibility.
Valuation and Business Model Under Investor Lens
The IPO is priced in a band of ₹2,061 to ₹2,165 per share and is a 100 percent offer for sale (OFS) of 4.90 crore shares. As a result, the company will not receive fresh capital from the issue, and proceeds will go to existing shareholders.
Investors are evaluating the issue based on ICICI Prudential AMC’s strong market position, diversified asset mix, and long operating history. As one of India’s leading asset management companies, the firm benefits from rising financialisation of household savings, steady SIP inflows, and expanding participation in mutual funds.
However, some investors remain selective at current valuations, which could explain the relatively slower retail participation compared with institutional demand.
What Investors Will Watch on the Final Day
With one more day of bidding remaining, attention will now shift to whether:
QIB subscription continues to rise sharply
Retail participation crosses the fully subscribed mark
Overall subscription moves meaningfully above the 2x level
A strong close on Day 3 could set the stage for healthy listing-day interest, especially given the size and visibility of the issuer.
ICICI Prudential AMC IPO: Key Dates and Details
Price Band: ₹2,061–₹2,165
Issue Size: ₹10,603 crore
Issue Structure: 100% Offer for Sale
Subscription Window: December 12–16
Allotment Date: December 17
Listing Date: December 19
Exchanges: BSE, NSE
Registrar: KFin Technologies
Outlook: Institutional Momentum Holds the Key
The Day 2 trend in the ICICI Prudential AMC IPO highlights strong institutional conviction, with QIB and NII demand clearly outpacing retail participation. If this momentum sustains into the final day, the issue is likely to close with a comfortable subscription cushion, reinforcing confidence around one of the largest IPOs in the asset management space.
