KSH International IPO Opens Amid Cautious Market Sentiment
The much-awaited KSH International IPO opened for public subscription on December 16, but early trends suggest that investors are approaching the issue with caution. Weak subscription numbers on Day 1 and a grey market premium (GMP) of zero have raised concerns about potential listing gains.
KSH International IPO opens on December 16 with a price band of ₹365–₹384 per share. The IPO has seen weak subscription on Day 1 and a GMP of ₹0, indicating no immediate listing gains. However, strong financial growth, anchor investor participation, and exposure to power, EV, and renewable sectors make it suitable for long-term investors.
Despite strong financial growth and big-name anchor investors, KSH International IPO has failed to attract strong bidding on Day 1. With GMP at zero and subscription lagging, investors are now questioning whether this IPO is a long-term opportunity or a short-term disappointment.
The IPO aims to raise ₹710 crore, with shares set to list on both the BSE and NSE on December 23, 2025. While the company operates in a high-growth segment linked to power, renewables, and electric vehicles, current market signals remain muted.
KSH International IPO Key Dates and Price Band
The IPO will remain open until December 18, giving investors three days to place their bids. The price band has been fixed at ₹365 to ₹384 per share, positioning the issue in the mid-to-premium valuation range.
IPO Timeline at a Glance
| Event | Date |
|---|---|
| IPO Opens | December 16, 2025 |
| IPO Closes | December 18, 2025 |
| Basis of Allotment | December 19, 2025 |
| Refunds Initiated | December 22, 2025 |
| Shares Credited | December 22, 2025 |
| Listing Date | December 23, 2025 |
KSH International IPO Details
The public issue includes a mix of fresh equity and an offer for sale (OFS). Proceeds from the fresh issue will be primarily used to strengthen the company’s balance sheet and expand manufacturing capacity.
KSH International IPO Issue Structure
| Particulars | Details |
|---|---|
| Total Issue Size | ₹710 crore |
| Fresh Issue | ₹420 crore |
| Offer for Sale | ₹290 crore |
| Price Band | ₹365 – ₹384 |
| Lot Size | 39 shares |
| Minimum Investment | ₹14,976 |
| Listing Exchanges | BSE, NSE |
How Will the IPO Proceeds Be Used?
Funds raised through the fresh issue will be allocated toward both growth and financial stability. The company plans to:
- Repay existing debt
- Install new machinery at the Supa facility
- Expand capacity at the Chakan, Pune plant
- Set up a rooftop solar power plant
- Meet general corporate requirements
These initiatives aim to improve operational efficiency and reduce long-term costs.
KSH International IPO Subscription Status: Day 1 Snapshot
As of 11:30 AM on Day 1, the KSH International IPO subscription status reflects low participation across all investor categories.
Subscription Status (Day 1)
| Investor Category | Subscription |
|---|---|
| Retail Investors | 0.11x |
| Non-Institutional Investors (NII) | 0.02x |
| Qualified Institutional Buyers (QIB) | 0.00x |
| Total Subscription | 0.06x |
The company received bids for 7.63 lakh shares against 1.29 crore shares on offer, indicating subdued interest so far.
KSH International IPO GMP Today Signals Flat Listing
The KSH International IPO GMP stood at ₹0 on December 16. This suggests that shares are expected to list close to the issue price, with no immediate listing gains anticipated.
Grey market premium often reflects short-term market sentiment, and a zero GMP typically indicates that investors are focusing more on long-term fundamentals rather than quick profits.
Anchor Investors Show Institutional Confidence
Despite weak retail participation, KSH International raised ₹213 crore from anchor investors ahead of the IPO opening. The anchor book included reputed institutional names such as:
- HSBC Global Investment Funds
- HDFC Mutual Fund
- Kotak Mutual Fund
- LIC Mutual Fund
- Bank of Baroda Mutual Fund
- Edelweiss Life Insurance
The presence of these institutions lends credibility to the issue and highlights confidence in the company’s long-term growth story.
KSH International: Business Overview
Founded in 1981, KSH International is part of the KSH Group and specializes in the manufacturing of magnet winding wires. Over the past four decades, the company has built a strong brand presence in both domestic and international markets.
It serves 117 customers, including industry leaders such as BHEL, Siemens Energy India, Hitachi Energy India, CG Power, and Toshiba Transmission & Distribution.
Strong Global Footprint
KSH International exports its products to 24 countries, with key markets including:
- United States
- Germany
- UAE
- Saudi Arabia
- Japan
- Spain
- Bangladesh
This global presence reduces dependence on a single market and supports stable revenue growth.
Financial Performance: Strong Growth in FY25
The company reported impressive financial growth in FY25, driven by rising demand from power, EV, and renewable energy sectors.
Key Financial Highlights
| Metric (FY25) | Performance |
|---|---|
| Revenue Growth | +39% YoY |
| PAT Growth | +82% YoY |
| Return on Equity | 22.77% |
| Debt-Equity Ratio | 1.17 |
| PAT Margin | 3.51% |
| Price to Book Value | 7.31 |
Valuation and Brokerage View
At the upper price band of ₹384, the IPO is valued at a post-issue P/E of 28.68x. While this may appear slightly premium, brokerage firm Angel One believes the valuation is justified given the company’s earnings momentum and sector tailwinds.
Angel One has assigned a “Subscribe” rating for medium- to long-term investors, citing strong demand from power infrastructure, EVs, and renewable energy projects.
Key Risks Investors Should Consider
While the long-term outlook appears positive, investors should also be aware of potential risks:
- Weak Day 1 subscription trends
- Zero GMP indicating no short-term gains
- Moderate profit margins
- Dependence on cyclical industrial demand
Short-term investors looking for listing pop may find the issue less attractive.
Should You Apply for KSH International IPO?
The KSH International IPO appears better suited for long-term investors rather than those seeking quick listing profits. Strong financial growth, institutional backing, and exposure to future-ready sectors like renewables and EVs support the investment case.
However, muted subscription numbers and flat GMP suggest patience may be required. Investors with a medium- to long-term horizon and higher risk appetite may consider subscribing, while conservative investors could wait for post-listing clarity.
Final Verdict
- Short-term gains: Unlikely
- Long-term potential: Positive
- Risk level: Moderate
As always, investors should align decisions with their financial goals and risk tolerance before applying.
Frequently Asked Questions (FAQs)
Q1. What is the issue price of KSH International IPO?
The issue price of the KSH International IPO is fixed in a price band of ₹365 to ₹384 per share.
Q2. What is the GMP of KSH International IPO today?
As of December 16, the grey market premium (GMP) of KSH International IPO is ₹0, indicating no expected listing gains.
Q3. What is the minimum investment required for KSH International IPO?
Retail investors need to apply for a minimum of 39 shares, amounting to ₹14,976 at the upper price band.
Q4. When will KSH International IPO list on the stock exchange?
The shares of KSH International are expected to list on the BSE and NSE on December 23, 2025.
Q5. Should retail investors apply for KSH International IPO?
The IPO is more suitable for medium- to long-term investors due to weak listing expectations but strong business fundamentals.
Join EduTaxTuber Network for the Latest News and updates on Income Tax, GST, Company Law, Stock Market and other related subjects. Learn: Microsoft Excel, MS Office, Tally Prime. Tech Learning: Python, ChatGPT
Disclaimer: The views expressed are solely those of the author and Edutaxtuber. The content in this piece is solely intended for informational purposes and for personal, non-commercial use. It should not be considered as professional advice or an endorsement by any organization. The author, the organization, and its affiliates disclaim any liability for any loss or harm resulting from the information in this article, as well as for any decisions made based on it.