The subscription for ICICI Prudential Asset Management Company's IPO began on Friday. Investors from various categories can apply for this IPO until Tuesday, December 16. The company's shares will be listed on the Bombay Stock Exchange and National Stock Exchange on December 19.
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ICICI Prudential AMC's price band per share is from ₹2,061 to ₹2,165. The company will release 4 crore 90 lakh shares in the market through offer-for-sale. ICICI Bank's asset management company (AMC) will raise ₹10,602 crore from the market through this public issue. However, this entire IPO is an offer-for-sale. No fresh shares will be issued through this. Therefore, all the money raised through this IPO will go to the promoters' pockets. This will have no impact on the company's balance sheet.
However, on the very first day of subscription, this IPO received a positive response from the grey market. Its GMP stands at ₹120. This means there is a possibility of this stock listing at ₹120 above the issue price. What advice did various brokerage firms give regarding investment in this IPO?
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Mehta Equities has given a 'Subscribe' rating to ICICI Prudential AMC's IPO. The company's research analyst Rajan Shinde said, 'The company's financial performance remains strong. Operational revenue grew by 32.5 per cent in the last financial year. And net profit has also increased consistently. Therefore, long-term investment in this stock could be profitable.' Market expert Anand Rathi has also given a 'Subscribe' rating to this stock. Additionally, multiple firms like Aditya Birla Money, Arihant Capital, Canara Bank Securities, Share Khan, and Swastika Investmart have 'Subscribe' ratings for this IPO.
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