Shares of ICICI Prudential Asset Management Company fell 2% to their day’s low of Rs 513 on the BSE on Friday after 34.4 crore shares worth nearly Rs 1.2 lakh crore became eligible for trade after the six-month IPO lock-in period expired, according to Nuvama Institutional Equities.
The shares of the company made a decent market debut in December last year, listing with a premium of 20% over the IPO price at Rs 2,606.20 apiece on BSE. This came after the IPO was subscribed 39.17 times overall, driven primarily by qualified institutional buyers, whose portion was subscribed nearly 124 times.
