On Friday, ICICI Prudential Asset Management Company Limited (ICICI Prudential AMC), the bank’s subsidiary, took the stock market by storm with its impressive debut. The IPO was met with great enthusiasm as it opened at a price that was 20% higher than what had been set, thus first listing reflected a strong investor demand.

The share price for the IPO was between ₹2,061 and ₹2,165, the issue price being ₹2,165. As per the stock exchanges, it was ₹2,600 on NSE, and ₹2,606 on BSE the shares were at 20% above the issue price reflecting robust investor demand.

The total size of the IPO was ₹10,602.65 crores out of which 3.50 crores were offered for sale while 137 crores were received (in total). With the bids coming in the subscription details showing the categories of oversubscription as follows: Qualified Institutional Buyers (QIBs) 123.87 times, Non-Institutional Investors 22.04 times, and Retail Investors 2.53 times.

The valuation of the company was about ₹1.07 lakh crores when it launched the IPO. The IPO was entirely an Offer for Sale (OFS) and thus no fresh funds were raised for the company, as the promoter Prudential Corporation (UK) was selling 4.89 crore shares. Currently, 51% is with ICICI Bank and 49% with Prudential in the AMC.

The market already consists of competitors like HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India AMC, which are listed in the Indian stock exchanges thus making ICICI Prudential AMC a strong player in the market.