KSH International IPO GMP In Focus As Subscription Begins Today

The initial public offering (IPO) of KSH International opens today (Dec. 16). The IPO bidding window will remain open till Dec. 18. Established in 1979, the company claims it is India’s third-largest producer of magnet winding wires, and the largest exporter in this segment.

With the issue opening today, investors are keeping a close watch on key factors about the mainboard issue, including the grey market premium (GMP).

The latest grey market premium (GMP) for the KSH International IPO stood at Rs 0 as of 8:00 a.m. on Dec. 16. Compared to the upper limit of the price band of Rs 384, the stock is expected to be listed flat, indicating no estimated gain or loss for the IPO investors.

Note: GMP does not represent official data and is based on speculation.

The KSH International IPO is a book-built issue worth Rs 710 crore. It comprises a fresh issue of 1.09 crore shares, aggregating to Rs 420 crore, and an offer-for-sale (OFS) component of 76 lakh shares, amounting to Rs 290 crore.

The IPO price band has been fixed at Rs 365 to Rs 384 per share, with a lot size of 39 shares. Retail investors are required to invest a minimum of Rs 14,976 for at least a single lot size per application. For small non-institutional investors (sNII), the minimum application is 14 lots, or 546 shares, translating to an investment of Rs 2,09,664. Big non-institutional investors (bNII) must bid for at least 67 lots, or 2,613 shares, aggregating to an investment of Rs 10,03,392.

Allotment of shares is expected to be finalised on Dec. 19. Refunds and credit of shares to investors’ demat accounts are likely to be completed by Dec. 22.

KSH International’s shares are tentatively scheduled to be listed on the BSE and NSE on Dec. 23.

Nuvama Wealth Management Ltd. is the book-running lead manager for the issue and MUFG Intime India Pvt. Ltd. has been appointed as the registrar.

KSH International supplies products to original equipment manufacturers in sectors such as power, renewable energy, railways, and the automotive industry. Its product range includes enamelled and paper-insulated copper and aluminium winding wires, as well as continuously transposed conductors.

The company works with major clients like PGCIL, NTPC, NPCIL and RDSO, and exports its products to 24 countries, including the US, Germany, the UAE and Japan. It currently operates three manufacturing units in Maharashtra and plans to start a fourth plant at Supa in Ahilyanagar in FY26.

Use Of Proceeds

The company intends to use Rs 225.98 crore from the IPO funds to repay borrowings. A further Rs 90.06 crore will be spent on expansion plans, including the installation of new machinery at the Supa facility and buying and setting up equipment at its Chakan plant in Pune, Maharashtra. A portion of the IPO funds will be used for general corporate purposes.

Financials

KSH International Ltd. posted a strong financial performance in FY25. Its revenue increased by 39% to Rs 1,938.19 crore in the financial year ended March 31, 2025, from Rs 1,390.50 crore in the previous fiscal. Profit after tax saw a sharp rise of 82%, reaching Rs 67.99 crore in FY25, compared to Rs 37.35 crore in FY24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.