Two initial public offerings (IPOs) are currently underway on Dalal Street, namely ICICI Prudential AMC and KSH International. While today (December 16) is the last day to apply for ICICI Prudential AMC IPO, the KSH International has opened today and will be available for subscription till December 18.
With two IPOs underway on Dalal Street, investors are likely to be divided over which one to apply for. Based solely on the grey market trend, the market leader and one of the biggest offerings of the year, ICICI Prudential AMC IPO, has emerged as the preferred bet. Its grey market premium (GMP) has been in a steady uptrend, suggesting strong interest in the public offer.
ICICI Prudential AMC IPO GMP today
On the last day of the offer, ICICI Prudential AMC IPO GMP is ₹305. This means that shares of ICICI Prudential AMC are trading ₹305 above the upper end of the price band. At the prevailing GMP, ICICI Prudential AMC listing price could be ₹2470, a premium of 14.09%.
This is also the highest GMP for ICICI Prudential AMC IPO so far, while the lowest was nil.
ICICI Prudential AMC IPO sailed through on the second day of the bidding process. The IPO received bids for 7,38,53,904 shares against 3,50,15,691 shares on offer, translating into 2.11 times subscription, according to BSE data.
The company has fixed a price band of ₹2,061-2,165 per share for the issue, looking to raise ₹10,602 crore via the share sale. The issue is entirely an offer for sale (OFS), meaning no proceeds will go to the company.
KSH International IPO GMP today
At the same time, KSH International IPO GMP today remains nil. This means that shares of KSH International are trading at par with the upper range of its price band. At the prevailing GMP, KSH International IPO shares could list at ₹384, neither a discount nor a premium.
Ahead of the share sale, KSH International, a manufacturer of magnet winding wires, garnered ₹213 crore from anchor investors on Monday. The Pune-based company’s ₹710 crore IPO is priced in the range of ₹365-384 per share.
Its proposed IPO is a combination of fresh issue of shares worth ₹420 crore and an offer-for-sale of stocks valued at ₹290 crore by promoters.
The company plans to use fresh proceeds for payment of debt, setting up of new machinery for expansion at its Supa facility and purchasing and setting up of new machinery at Chakan, Pune in Maharashtra; setting up of a rooftop solar power plant for power generation at its Supa facility; and a portion will be used for general corporate purposes.
ICICI Pr AMC IPO vs KSH International IPO: Which one to bid for
Now, the key question is which is a better bet for the investors? According to experts, the two issues are widely different with no connection. However, based on risk appetite and other factors, they have listed their preferences.
Arun Kejriwal, Founder at Kejriwal Research & Investment Services, said that there is no connection whatsoever between the two. “Their business models are widely different. One company takes your money, manages it, and earns a commission on it. The other is a manufacturer of wires for industrial purposes, which involves significant investment in plant, machinery and raw materials, where copper and aluminium form a major portion of costs. The business also requires lengthy and time-consuming approvals before operations can begin,” he said.
Kejriwal sounded bullish on the ICICI Prudential AMC IPO, citing its attractive valuations relative to its market size compared with its biggest listed peer, HDFC AMC. He also advised investors to use the gap between the IPO dates to their advantage in case they miss out on an allotment in the ICICI Prudential AMC IPO.
“Even though HDFC AMC ranks third, its P/E multiple is higher than ICICI Pru’s, indicating potential upside. While allotment may be difficult, there is money on the table. If you apply for ICICI Pru, you will know the outcome of your application within 24–38 hours. You may apply for ICICI Pru—if successful, that’s excellent; otherwise, deploy the funds in KSH International,” he opined.
Meanwhile, for Harshal Dasani, Business Head at INVAsset PMS, the two IPOs are suitable for investors with different risk appetite and investment approach.
“For risk-adjusted certainty, ICICI Prudential AMC looks like the cleaner bet. As of September 2025, the AMC manages around ₹10.9 lakh crore of QAAUM, with FY25 PAT above ₹2,600 crore, offering investors a profitable, cash-generative franchise, strong brand equity, and robust distribution. Liquidity and index inclusion prospects are superior, and business risk is largely tied to market cycles rather than execution,” he said.
Furthermore, he finds KSH International as a manufacturing-led growth story. Financials are improving, with FY24 revenue of around ₹1,380 crore and PAT of ₹37 crore. However, risks are higher, including customer concentration, copper and aluminium price volatility, and capex and commissioning timelines, he added.
“Net-net, conservative and long-only investors may prioritise ICICI Prudential AMC for its quality, scale, and liquidity, while higher-risk investors can consider KSH International selectively, with appropriate sizing for capex and raw-material volatility,” Dasani opined.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
