Should you buy, sell or hold the stock?
Equirus Securities says the ICICI Prudential AMC stock has the potential to rise 34% from its issue price of Rs 2,165. The brokerage, initiating with a Long rating, cited robust growth prospects ahead. Analysts said that the company has built a dominant position in India’s equity-led savings ecosystem, reflected in its 13.4% share of equity AUM, strong participation from retail and HNI investors, and a robust SIP franchise that commands over 16% of monthly systematic flows.
“Despite intensifying competition in the industry, the AMC has consistently maintained a stable overall market share of 12–13% over the past five years, highlighting the strength and resilience of its distribution network and customer franchise,” the brokerage said in a note.
Beyond mutual funds, the PMS and AIF platforms have emerged as fast-scaling, high-yield profit pools for the company, Equirus said. PMS clients have grown at a sharp 75% CAGR. In comparison, AIF quarterly average assets under management (QAAUM) expanded at 24% CAGR between March 2022 and September 2025, with AIF and PMS together now contributing over 14% of total revenues.
ICICI Prudential AMC’s QAAUM is expected to grow at a healthy 18.6% CAGR over FY25–FY28E, led by resilient equity inflows, rising penetration of passive products, and sustained traction in the AIF and PMS segments, which are projected to grow at around 22% CAGR.
Centrum has given a Buy call on the stock and assigned a target price of Rs 3,181 per share. That translates to an upside potential of 47% from the issue price. Despite operating on a relatively larger equity AUM base, the company has consistently sustained equity yields above 60 basis points, outperforming HDFC AMC by around 2 basis points. It also operates with the lowest distributor payout ratio among peers; in FY25, this stood at about 53 basis points, compared with roughly 56–91 basis points for other listed AMCs, underscoring its stronger unit economics.
Over FY21–FY25, the company delivered a robust 24% revenue CAGR to Rs 4,680 crore and a 21% PAT CAGR to Rs 2,650 crore, outpacing listed peers. Profit growth is expected to remain healthy, with PAT projected to grow at a 15% CAGR to around Rs 4,000 crore by FY28.
PL Capital has recommended ‘Buy’ and set a target price of Rs 3,000, implying 39% upside from the IPO price band of Rs 2,165. The call comes after a heavily subscribed public offer, which closed on Tuesday.
“We are optimistic about its business prospects given its strong performance/parentage, which is driving the highest net equity flow market share among AMCs, and also its superior equity yields due to the lowest distributor payout,” the broker said.
A key pillar of the bullish view is performance. According to the brokerage, 90% of ICICI Prudential AMC’s active equity assets were in the top performance quintile as of November 2025, the highest among large peers.
Shivani Nyati, Head of Wealth at Swastika Investmart, said that short-term investors and traders may consider booking profits after the strong listing gains, while long-term investors may hold the position from a medium-to-long-term perspective, keeping a stop-loss near Rs 2,350 to protect downside risk.
Also read: ICICI Prudential AMC shares list at 20% premium after strong IPO response
“Structural tailwinds such as increasing SIP inflows, deeper penetration of mutual funds in tier-2 and tier-3 cities, and growing preference for professionally managed investments support long-term prospects,” Nyati said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. They do not represent the views of the Economic Times)