ICICI Prudential AMC IPO Listing, Latest GMP Details: The Rs 10,603 crore initial public offering (IPO) of ICICI Prudential Asset Management Company Ltd (AMC) is all set to make its Dalal Street debut on Friday, December 19. ICICI Prudential AMC IPO GMP (grey market premium) indicated a bumper listing today.
For investors tracking the ICICI Prudential AMC IPO listing today and the stock’s post-listing share price outlook, here’s a comprehensive look at all the key details you need to know.
ICICI Prudential AMC IPO GMP Today
ICICI Prudential AMC IPO’s latest GMP was recorded at Rs 526, as per investorgain.com at 10:31 pm on Thursday, December 18. Its latest GMP saw a sharp jump from Rs 370 recorded on Wednesday. Based on its latest GMP, ICICI Prudential AMC IPO is expected to be listed for Rs 2691 per share (which is the sum of IPO GMP Today and upper price band). Investors must note that a company’s IPO GMP is not an accurate indication of its listing day performance, but it indicates an IPOs demand in the unregulated market.
The Rs 10,603-crore IPO closed yesterday after being subscribed 39 times its offer size between December 12 and December 16 at a price band of Rs 2,061-2,065 per share. The allotments will likely be finalized later tonight (December 17).
PL Capital on ICICI Prudential AMC:
PL Capital initiated coverage on the soon-to-be-listed shares of ICICI Prudential AMC with a ‘Buy’ call and a target price of Rs 3,000 apiece. This implies an upside potential of nearly 39 percent from the IPO price of Rs 2,165 per share.
The domestic brokerage said that it is optimistic about ICICI Prudential AMC’s business prospects, given its strong performance and parentage which is driving the highest net equity flow market share among AMCs, superior equity yields, and more.
ICICI AMC may eventually command a premium to HDFC AMC due to its better distribution and diversification while having similar profitability, PL Capital further said.
“ICICI AMC has shown the best performance in 1-yr bucket, while being ranked consistently among top 3 in the 3-yr bucket since Feb’22,” it further said, adding ICICI Bank is providing access to a vast distribution network of 7,246 branches and integration with bank’s digital platforms.
“Over FY25-28E, we expect 23%/21% CAGR in equity/overall AAuM compared to 20%/19% for industry, which would translate to revenue/opex/core income CAGR of 18%, 17% and 18.5%, respectively. Core PAT to AAuM should range at 26-27bps (like HDFCAMC). At the upper bank of the IPO price, stock is valued at ~27x which suggests a discount of ~17% to HDFCAMC; we assign a multiple of 38x on Sep’27 core EPS to arrive at TP of Rs 3,000,” PL Capital said.
