ICICI Prudential AMC finally hit the trading floor this Friday. And then the market gave it a massive high-five. Shares debuted with a 20% jump, landing at ₹2,600 on the NSE. That’s a solid pop from the IPO price of ₹2,165.
The thing is, the big boys—GIC, Temasek, and LIC—were all over this. They basically cornered the room. What draws people to this stock is the sheer scale. It’s India’s largest asset manager for active mutual fund schemes. Pure and simple.
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The Listing Day Vibe
The IPO was massive. ₹106 billion massive. But the way it was subscribed tells a weird story. Let’s be real, the retail crowd was a bit sleepy on this one.
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Institutional Investors: Over 39 times subscription overall.
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The “Big Money” (QIB): Bidding was through the roof.
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Retail Portion: Just 2.5 times.
Maybe the regular folks were too busy with their morning chai or something. Or maybe they’re just more comfortable putting their money into the mutual funds instead of buying the company that makes them. It’s a funny distinction.
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The Numbers Game
The financials look healthy. Like, really healthy.
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Revenue: Jumped 32% to nearly ₹50 billion.
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Net Income: Rose 30% to ₹26.50 billion.
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User Base: 15.5 million retail investors as of September.
And then you have the SIP factor. Here’s the kicker: Systematic Investment Plan (SIP) contributions have tripled since 2021. People are putting bite-sized sums into the market every month. It’s like a slow-motion tidal wave of cash.
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The Broader Picture
We’ve seen over 252 IPOs in India this year already. That’s roughly 11.4 billion raised. We still have the heavyweights like LG Electronics, Tata Capital, and Lenskart waiting in the wings for the final quarter.
What draws people to these AMCs is the “financialization of savings.” Bain & Company is betting that retail-driven assets will hit 3.3 trillion by 2035. Gen Z and Millennials are leading the charge. They’re skipping direct equity—too much stress, maybe?—and just letting the fund managers handle it.
Kranthi Bathini over at WealthMills says the stock is “fairly valued,” but he’s calling any dip a buy opportunity. It’s an ongoing play on the long-term growth of the Indian middle class. Or nothing.
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