ICICI Prudential AMC notches $14.4 billion valuation on trading-debut spike

Shares of ICICI Prudential Asset Management Company surged 23% on their trading debut on Friday, giving India’s second-largest asset manager a market valuation of $14.4 billion, as investors pinned hopes on robust domestic capital flows in Asia’s third-largest economy.

This makes the company India’s most valuable listed asset manager, ahead of HDFC Asset Management and Nippon Life India Asset Management, which are valued at $12.8 billion and $6.3 billion, respectively.

ICICI Prudential Asset Management’s shares rose to as much as 2,663.40 rupees on the National Stock Exchange of India against their issue price of 2,165 rupees. India’s benchmark Nifty 50 was up 0.5%.

The asset manager is a joint venture between India’s second largest private lender ICICI Bank and British insurer Prudential.

Its $1.2 billion IPO, which garnered bids worth $33 billion earlier this week to become the fourth most subscribed Indian IPO, will close what will be a record year for India’s primary market.

More than 350 companies have raised $21.6 billion through IPOs in India so far in 2025, surpassing the previous year’s $20.5 billion, as per LSEG data.

Brokerage Prabhudas Lilladher has initiated coverage on the stock with a “buy” rating, citing strong parentage and superior equity yields.

ICICI Prudential Asset Management’s higher exposure to equity mutual funds makes it an attractive bet, analysts said.

The firm had assets under management of about 10 trillion rupees ($111 billion).