ICICI Prudential AMC Shares List With Over 20% Premium After Blockbuster IPO
Shares of ICICI Prudential Asset Management Company debuted with over 20 percent gains, listing at Rs 2,606 on the BSE against an issue price of Rs 2,165. The stock later rose nearly 23 percent, valuing the company at Rs 1.28 lakh crore. The Rs 10,602.65 crore IPO was subscribed 39 times, driven by strong institutional demand.
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New Delhi: Shares of ICICI Prudential Asset Management Company Ltd on Friday listed with a premium of over 20 per cent against the issue price of Rs 2,165. The stock made its debut at Rs 2,606.20, registering a premium of 20.37 per cent from the issue price on the BSE. Later, it surged 22.95 per cent to Rs 2,662.
At the NSE, the stock listed at Rs 2,600, a jump of 20 per cent from the issue price. The company's market valuation stood at Rs 1,27,790.54 crore. The initial public offering of ICICI Prudential Asset Management Company Ltd, an arm of the ICICI Bank, received 39.17 times subscription on the final day of bidding on Tuesday, led by heavy demand from institutional buyers.
The Rs 10,602.65 crore IPO had a price band of Rs 2,061-2,165 per share. After its market debut, ICICI Prudential AMC joined listed asset managers such as HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management. It also became the fifth ICICI Group entity to be listed, after ICICI Bank, ICICI Prudential Life, ICICI Lombard, and ICICI Securities.
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