MUMBAI: The Rs 10,603-crore secondary sale of shares by the British co-promoter of ICICI Prudential AMC got off to a decent start on Friday with the issue getting subscribed 72% on day one, indicating strong investor interest.
The issue with a price band of Rs 2,061-2,165 has been booked 1.97x by qualified institutional buyers, 0.37x by non-institutional investors and 0.21x by retail individual investors for whom the issue was opened today, taking the total subscription to 0.72x.
ICICI Prudential AMC has already raised Rs 3,021.8 crore from 149 anchor investors, including major domestic mutual funds, top global institutions and large insurers.
According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of 7-9% in the unregulated market indicating likely listing day gains. Investorgain quoted a GMP of Rs 187 for the shares of the company, indicating a listing gain of 8.64% while another platform IPO Watch quotes a GMP of 7.15%.
While ICICI Bank which is the larger promoter is not participating in the OFS, its British partner Prudential Holdings is selling 10% of its 49% holding in the second largest fund manager in the country. The bank owns the rest of the equity. Currently, there are around five listed peers--HDFC AMC, Nippon Life India AMC, UTI AMC, Canara Robeco AMC and Aditya Birla Sun Life AMC.
Once listed, ICICI Prudential AMC will become the fifth ICICI Group company to debut on stock exchanges, joining ICICI Bank, ICICI Prudential Life, ICICI Lombard and ICICI Securities which is being taken private now.