ICICI Prudential AMC: GMP increases as IPO opens on December 12 - check details

Ahead of its opening on December 12, the grey market premium (GMP) for ICICI Prudential Asset Management Company’s IPO has increased .

According to data from platforms that track unofficial market activity, the shares - which were earlier quoting a premium of around 4-5 per cent - now stand at around 6 per cent, as per IPO Watch.

The price band of ICICI Prudential AMC, which is subsidiary of ICICI Bank, is Rs 2,061-2,165 per share for its IPO. This puts the fund house’s value at about Rs 1.07 lakh crore.

ICICI Prudential AMC will open the IPO worth Rs 10,602 crore for subscription on December 12 and will close it on December 16, with the anchor book to be launched on December 11.

ICICI Bank currently owns 51% of the asset management company, while the remaining 49 percent is held by its joint venture partner, Prudential Corporation Holdings. ICICI Bank said in June that its board had approved increasing its stake in the company by another 2%.

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