New Delhi, Dec. 17 -- Ahead of the listing of the ICICI Prudential Asset Management Company (AMC) stock on Friday, December 19, brokerage firm PL Capital has initiated coverage on it with a buy rating. The brokerage firm has fixed the target price of Rs.3,000, valuing the stock at a multiple of 38 times on September 2027 core earnings per share (EPS). Meanwhile, the ICICI Prudential AMC IPO allotment date is likely today. i.e., Wednesday, December 17. The public issue was subscribed to over 39 times, and shares of the company are trading at a premium of Rs.304 in the grey market today.

PL Capital believes ICICI Prudential AMC may eventually command a premium to HDFC AMC due to better distribution and diversification while having similar ...