GMP Alert! ICICI Prudential AMC IPO vs KSH International IPO: Subscription, GMP Trend, Listing Gains & Outlook

With December 2025 heading into its final stretch, investor interest in the primary market remains strong, with two high-profile public issues drawing attention: the ICICI Prudential AMC IPO, the largest IPO of the year, and the KSH International IPO, a mid-sized issue from the electrical equipment space. While ICICI Prudential AMC's bidding window has closed and allotment is due today, KSH International IPO is still open for subscription and will close shortly. Here's a comparison of both IPOs, GMP trends, listing expectations.

ICICI Prudential AMC IPO

The ICICI Prudential AMC IPO has seen overwhelming investor response, getting subscribed 39.17 times overall by the close of bidding on December 16. Retail investors subscribed to the issue 2.53 times. This IPO is a book-built issue of Rs. 10,602.65 crore, entirely an offer for sale of 4.90 crore shares, with no fresh issue component. The price band was fixed at Rs. 2,165 per share. The issue opened on December 12 and closed on December 16, with allotment expected today and listing likely on December 19.

KSH International IPO

The KSH International IPO is a comparatively smaller book-built issue of Rs. 710 crore. The IPO opened for subscription on December 16 and will close on December 18, with allotment expected on December 19 and tentative listing scheduled for December 23.

The price band for the KSH International IPO is set at Rs. 365 to Rs. 384 per share. Retail investors need to invest a minimum of Rs. 14,976 to apply. While subscription numbers are moderate compared to ICICI Prudential AMC, the issue is seeing fair demand from investors.

GMP Trend: What Grey Market Premium Signals

The grey market premium (GMP) clearly differentiates these two IPOs in terms of listing expectations. As of December 17, KSH International IPO's GMP stands at Rs. 6, indicating a muted but positive sentiment. Based on the upper price band of Rs. 384, the estimated listing price is around Rs. 390, translating into an expected gain of 1.56% per share.

On the other hand, the ICICI Prudential AMC IPO GMP is significantly higher at Rs. 355 with strong bullish sentiment. With a cap price of Rs. 2,165, the estimated listing price comes close to Rs. 2,520, suggesting a potential upside of around 16.40% on listing.

Is Investment Worth It? Broker Views and Business Strength

For the KSH International IPO, most broking firms have assigned an 'Apply' rating, given the company's strong presence in electrical equipment and energy-linked segments. KSH International Ltd is India's largest exporter of magnet winding wires by export revenue and the third-largest manufacturer by production capacity as of FY25. According to SBI Securities, while the issue appears fairly valued compared to peers, the planned repayment of around Rs. 226 crore of debt from IPO proceeds could improve profitability by Rs. 10-13 crore annually. However, the broking maintains a neutral stance, suggesting investors monitor post-listing performance.

Meanwhile, the ICICI Prudential AMC IPO stands out due to the company's dominant position in the asset management industry. ICICI Prudential AMC is India's largest asset manager by active QAAUM, with a 13.3% market share, as per Nirmal Bang. It also manages the highest number of schemes (143) in the industry. It suits investors looking for exposure to India's growing mutual fund and asset management space.

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