ICICI Prudential AMC is all set to launch its initial public offering (IPO) on Friday, December 12. The mainboard IPO will remain for bidding on December 16.
The ICICI Bank subsidiary announced the price band of ₹2,061 to ₹2,165 per equity share, with a face value of ₹1 for its upcoming IPO.
ICICI AMC has announced that the minimum IPO bid size will be 6 shares, with investors allowed to bid in multiples of 6. The company’s first public issue will close on December 16, while anchor investor bidding is scheduled for December 11, as per the red herring prospectus.
The IPO consists entirely of an offer for sale (OFS) of 4.89 crore shares by its promoter, UK-based Prudential Corporation Holdings. Since it is a pure OFS, no new shares are being issued and the company will not receive any funds-the proceeds will go to the selling shareholder.
Currently, ICICI Bank owns 51% of the asset management company, while the remaining 49% is held by Prudential Corporation Holdings.
On June 28, ICICI Bank said its board approved purchasing an additional 2% stake in ICICI Prudential AMC. The bank noted that this move aims to maintain its majority ownership, particularly if the AMC grants stock-based compensation in the future.
Earlier, in February, ICICI Bank had confirmed that it intends to keep its majority stake even as its joint venture partner plans to list the AMC and partially dilute its holding. Once listed, this would become the fifth asset management company on the exchanges, joining HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management.
It would also be the fifth ICICI Group entity to list, after ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and ICICI Securities.
ICICI Prudential AMC IPO GMP today
The shares of ICICI Prudential AMC IPO is trading at ₹115 apiece in the grey market, as per investorgain. This means that the GMP of ICICI Prudential AMC IPO +115.