Most valued AMC ICICI Pru pips HDFC MF with 20% pop

ICICI Prudential Asset Management, the country's second-largest mutual fund by assets, made its debut on the Indian bourses on Friday, with the stock listing at a 20% premium to its initial public offering price of ₹2,165. The expected listing price made it the most valuable asset manager in the country.The stock opened at ₹2,600 on the NSE and touched a high of ₹2,663.4, before ending slightly lower at ₹2,576.2.The company's market capitalisation stood at ₹1,27,331 crore at the close of trade on Friday, pipping HDFC Asset Management, the country's third largest by assets, to the top spot in the value table. HDFC AMC was valued at ₹1,14,525 crore on Friday."While the stock delivered meaningful listing gains, further sharp upside in the near term appears limited, as valuations are now among the higher levels within the listed asset management space," said Raj Gaikar, research analyst at Samco Securities.ICICI Prudential AMC's ₹10,602.65 crore issue was subscribed 39.17 times.Gaikar suggested that investors who received allotment maintain a medium- to long-term perspective."However, fresh investors should avoid entering at current prices. Those who missed the IPO would be better served by waiting for market-led corrections and accumulating the stock gradually on dips, rather than chasing short-term momentum at elevated valuation levels," he said.