In December, two distinct IPOs are in focus: ICICI Prudential AMC and KSH International. The large ICICI Prudential AMC issue was heavily oversubscribed at 39.17 times, with a high grey market premium (GMP) suggesting a potential 16% listing gain.
As December 2025 draws to a close, the IPO market continues to stay busy, with two very different offerings grabbing investor attention. On one side is the ICICI Prudential AMC IPO, the biggest public issue of the year, and on the other is the KSH International IPO, a much smaller but closely tracked issue from the electrical equipment space.
While bidding for ICICI Prudential AMC has already wrapped up and investors are now waiting for allotment, the KSH International IPO is still open for subscription. Here’s a simple breakdown of how the two compare and what the numbers are really telling investors.
ICICI Prudential AMC IPO: Strong Demand Across Categories
The ICICI Prudential AMC IPO received a blockbuster response from investors, ending its bidding period with an overall subscription of 39.17 times. Even retail investors showed healthy interest, subscribing to the issue 2.53 times, despite the large ticket size.
The IPO, worth Rs 10,602.65 crore, is entirely an offer for sale, meaning no new shares are being issued. The price was fixed at Rs 2,165 per share. The issue opened on December 12 and closed on December 16. All eyes are now on allotment, which is expected today, followed by a likely listing on December 19.
KSH International IPO: Smaller Issue, Steady Interest
KSH International’s IPO may be smaller in size, but it hasn’t gone unnoticed. The Rs 710-crore issue opened for subscription on December 16 and will close on December 18. Allotment is expected on December 19, with a tentative listing on December 23.
The IPO is priced between Rs 365 and Rs 384 per share, and retail investors need to put in at least Rs 14,976 to apply. While subscription numbers are nowhere near ICICI Prudential AMC’s levels, the issue has seen consistent interest, especially from investors looking at manufacturing and energy-linked themes.
Grey Market Signals: Big Gap in Listing Expectations
Grey market premiums give a quick sense of how the market is viewing these IPOs ahead of listing and the difference here is clear.
KSH International is currently trading at a modest grey market premium of around Rs 6. This suggests a cautious but positive outlook, with the stock expected to list close to Rs 390, translating into a potential gain of about 1.5 per cent.
In contrast, ICICI Prudential AMC is seeing strong grey market buzz. With a GMP of around Rs 355, the stock is expected to list near Rs 2,520, implying a possible listing gain of over 16 per cent if sentiment holds.
What Brokerages Are Saying About KSH International
Broker views on KSH International are largely balanced. The company is India’s largest exporter of magnet winding wires by export revenue and the third-largest manufacturer by production capacity as of FY25, a solid position in a niche segment.
SBI Securities has taken a cautious approach, pointing out that valuations appear fair. However, the brokerage notes that using IPO proceeds to repay around Rs 226 crore of debt could boost annual profits by Rs 10–13 crore. Investors, it says, should keep a close eye on the stock’s performance after listing.
Why ICICI Prudential AMC is Drawing Attention
ICICI Prudential AMC’s appeal lies in its leadership position in India’s asset management industry. According to Nirmal Bang, it is the country’s largest asset manager by active quarterly average assets under management (QAAUM), with a market share of 13.3 per cent.