IPO GMP Alert: ICICI Prudential AMC Vs KSH International IPO; Who Will List Stronger On BSE, NSE?

Just as the year 2025 nears its ending, two companies launched their initial public offering (IPO) on the mainboard of BSE and NSE. These two are ICICI Prudential AMC and KSH International. While KSH IPO's subscription window is closing on December 18 for investors, ICICI Prudential AMC is preparing to list on December 19 after announcing allotment status. The latest grey market premium (GMP) is hinting that ICICI Prudential is going to list stronger than KSH ahead.

IPO GMP Alerts: ICICI Prudential AMC IPO vs KSH International IPO

ICICI Prudential AMC IPO GMP:

As per the Investor Grain, the latest GMP of ICICI Prudential is of Rs 440 on December 18, at the time of writing. Taking into consideration the price band of Rs 2,165, ICICI Prudential's estimated listing price is likely at Rs 2,605 (Price Band + December 18 GMP), which signals at a potential of 20.32% premium listing on BSE and NSE.

KSH International IPO GMP:

On the other hand, KSH's GMP stood at Rs 0 on December 18, and hence it is expected to have a muted listing on exchanges. The IPO's price band is at Rs 384 per share.

Notably, KSH's GMP has been Rs 0 for two consecutive day now. The highest GMP was of Rs 6 recorded on December 16.

ICICI Prudential AMC IPO vs KSH International IPO Allotment:

ICICI Prudential AMC IPO Allotment:

The allotment status for ICICI Prudential AMC IPO was announced on December 17. The application status can be checked on BSE, NSE and KFIN Technologies. On December 18, ICICI Prudential is crediting shares or initiating refunds to investors.

KSH International IPO Allotment Date:

Meanwhile, KSH's IPO allotment status will likely be held on December 19.

ICICI Prudential AMC IPO vs KSH International IPO Listing Date:

The last stage for ICICI Prudential AMC IPO is its listing on BSE and NSE which is scheduled on December 19.

On the other hand, KSH International IPO will list on December 23.

ICICI Prudential AMC IPO vs KSH International IPO

ICICI Prudential AMC IPO:

This IPO is 100% book building and was launched on December 12. The subscription closed on December 16. The IPO size was one of the highest in 2025, to the tune of Rs 10,602.65 crore, which was entirely an offer for sale. The IPO's price band stood at Rs 2,061 to Rs 2,165. However, its IPO issue price will be at Rs 2,165. On the final day, the ICICI Prudential AMC IPO received an oversubscription of 39.17x.

As per Rajnath Yadav, Research Analyst at Choice, IPAMCL ranks as the second-largest AMC in India by QAAUM, with a market share of 13.2% as of September 30, 2025. One of the oldest asset managers in the country, the company has delivered strong growth in both revenue and profitability over the years. As of September 2025, IPAMCL maintains a well-diversified AUM profile, with its top five equity and equity-oriented schemes accounting for 53.4% of total equity QAAUM, compared with the top-10 AMC average of 58.6%.

Further, the company commands the highest RoE among listed AMCs, reflecting efficient capital utilization and strong operating margins. Its equity and equity-oriented QAAUM is well diversified across MFDs (37.7%), national distributors (15.8%), direct channels (27.1%), ICICI Bank (8.3%), and other banks (11.1%), reducing concentration risk. Supported by a diversified product mix and increasing mutual fund penetration, IPAMCL was the most profitable AMC in India in FY25 with a 20.0% share of operating profit before tax.

KSH International IPO:

Since bidding in KSH International IPO is still open till 5 pm of December 18, the public offer is struggling to get fully subscribed. At the time of writing, KSH subscribed only 57% of its total size.

The IPO is 100% book building and is a combination of a fresh issue worth Rs 420 crore and an offer for sale (OFS) worth Rs 290 crore. In total, the IPO size stood at Rs 710 crore. The price band for the IPO is fixed at Rs 365 to Rs 384 per share. While the bid lot size is 39 shares and multiples thereof.

As per analysts at Mangal Keshav, the price band of Rs 384 implies a market cap of Rs 2,601.82 crore and values KSH at a P/E of 38.26x and an EV/EBITDA of 22.09x on an FY25 basis-which is seen to be reasonable given the company's strong position as the third-largest magnet winding wire manufacturer in India and the largest exporter in its category.

Also, analysts added that its strategically located, technologically advanced facilities and long-standing relationships with diversified global OEMs further strengthen business visibility. With consistent financial growth and a proven operating mode, they have recommended SUBSCRIBE.

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