Aniket PujariThe primary market action will ease in the week ahead as only two mainboard initial public offerings (IPOs) are available for bidding. While ICICI Prudential AMC IPO will enter its second day of bidding on Monday, KSH International’s maiden share sale will kick off on Tuesday.
Among the two IPOs available for subscription, the grey market trend clearly leans in favour of ICICI Prudential AMC.
ICICI Prudential AMC IPO GMP
The grey market premium (GMP) for the offer rose to its highest so far as of December 13. ICICI Prudential AMC IPO GMP today stood at ₹270. This means that in the grey market, ICICI Pru AMC shares are trading ₹270 above the upper end of the price band. At the latest GMP, ICICI Pru AMC IPO listing price could be ₹2435, signalling a listing gain of 12.47%.
The highest GMP for ICICI Pru AMC IPO so far has been RS 270, while the lowest is nil.
At the end of the first day of bidding on Friday, the ₹10,602 crore-ICICI Prudential AMC IPO was booked 72%. The offer, entirely an offer for sale (OFS), has a price band of ₹2,061 to ₹2,165 per share for the issue, valuing the company at about ₹1.07 lakh crore at the upper end of the price band.
KSH International IPO GMP
KSH International IPO GMP so far has been nil over the last three sessions, signalling a lack of traction for the mainboard offering in the grey market. Amid the current GMP, the listing for KSH International IPO could be the same as its offer price.
The ₹710 crore IPO will be available for bidding from December 16 to December 18. It is priced at ₹365 to ₹384 per share. The offer is a mix of fresh issue ( ₹420 crore) and OFS ( ₹290 crore).
ICICI Pru AMC IPO vs KSH International IPO: Which one to apply for?
Despite diverging trends in the grey market, analysts find scope for good return potential in both companies, though catering to investors with different risk appetites.
Abhinav Tiwari, Research Analyst at Bonanza, said, “We carry a positive view on KSH International’s IPO because the company is directly linked to India’s long-term power, renewable energy, and EV growth cycle. It is a mission-critical supplier of magnet wires and CTC conductors, which are products essential for transformers, motors, and EV components. Overall, KSH offers strong growth visibility, improving profitability, and a fairly valued which makes the IPO a good pick for investors.”
Tiwari also noted the company’s strong financial profile and marquee clientele. In FY25 alone, profit grew much faster than revenue, showing that the business is scaling efficiently. Despite this high growth, valuations remain reasonable, he said.
PGCIL, NTPC, NPCIL, and global OEMs like Toshiba, GE, Siemens, and Hitachi are some of its key customers.
Meanwhile, commenting on ICICI Pru AMC, Tiwari said, “The company’s product lineup is very well diversified with 135 schemes, ensuring no single fund dominates its portfolio. Financial performance has been consistently strong, with revenue growing at 24% CAGR over the last four years, which is faster than peers. Profitability is also exceptional, with FY25 PAT at Rs. 26.5 billion and an industry-leading ROE of 82.8%. Valuations look fair given its scale, stability, and profitability.”
He said that both KSH International and ICICI Prudential AMC offer strong sector positioning, fairly valued, high growth visibility, and solid fundamentals; therefore, he stays positive on both IPOs.
Meanwhile, Harshal Dasani, Business Head at INVAsset PMS, said that conservative and long-only investors can prioritise ICICI Prudential AMC for quality, scale and liquidity, while higher-risk investors may consider KSH International selectively, sizing exposure to reflect capex and raw-material volatility.
For KSH, Dasani said that financials are improving, with FY24 revenue of about ₹1,380 crore and PAT of ₹37 crore, but risks are higher—customer concentration, copper and aluminium price volatility, and capex and commissioning timelines. “Listing gains are possible, but the investment case is more execution-driven and commodity-linked.”
As for ICICI Pru AMC IPO, he finds it a profitable, cash-generative franchise with high brand equity and strong distribution. “Liquidity and index inclusion prospects are superior, and business risk is largely limited to market-cycle sensitivity rather than execution,” he added.
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.
