Shares of ICICI Prudential Asset Management Co. Ltd. surged by nearly a fourth on debut as investors bet on higher mutual fund investments in the world's most populous nation.
ICICI Prudential AMC's share price rose as much as 22.95% to ₹2,662.00 after listing at a 20% premium to the IPO price of ₹2,165, according to exchange data. The debut came after its $1.2-billion IPO was subscribed nearly 40 times, garnering bids worth $33 billion earlier this week.
That outperformance has confirmed a record year for India's primary market. More than 350 companies have raised $21.6 billion through IPOs in India in 2025, surpassing previous year's $20.5 billion.
Brokerage Prabhudas Lilladher, which initiated coverage on the stock with a “buy” rating, said strong parentage and superior equity yields make the asset manager an attractive bet.