KSH International IPO: Check IPO Date, Live Subscription and Key Details
KSH International Limited, incorporated in 1979, is the third-largest manufacturer of magnet winding wires in India and the country's largest exporter in this segment. The company manufactures specialized insulated copper and aluminium wires, including Continuously Transposed Conductors (CTC), which are critical 'muscles' inside transformers, motors, and generators. KSH serves global and domestic OEMs like Siemens, BHEL, GE, and Hitachi across sectors such as power transmission, renewables, railways, and electric vehicles (EVs). It operates three manufacturing facilities in Maharashtra with an annual capacity of 29,045 MT.
Price Range
₹365.0 - ₹384.0
Issue Size
₹710 Cr
Lot Size
39 shares
IPO Type
Mainboard
GMP
-
Est. Listing Price
₹384
Estimate Profit
-
Retail Portion
35.00%
Key Metrics
Check Live GMPGMPFace Value
₹5
EPS
13.39
P/E Ratio
28.68
RoNW
22.77%
ROE
22.77%
Debt to Equity
1.17
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Timeline
IPO Opens
16 Dec
IPO Closes
18 Dec
Allotment
19 Dec
Listing
23 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 16 December 2025 | Subscription starts |
| IPO Close Date | 18 December 2025 | Subscription ends |
| Allotment Date | 19 December 2025 | Allotment |
| Listing Date | 23 December 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,976 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,688 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,664 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,88,416 |
BHNIAbove ₹10,00,000 | 67 | ₹10,03,392 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Repayment or prepayment, in full or part, of certain outstanding borrowings availed by the Company (₹225.98 Cr).
- Funding capital expenditure for purchase and setup of new machinery at the Supa and Chakan plants (₹87.02 Cr).
- Setting up a rooftop solar power plant at the Supa Facility (₹8.83 Cr).
- General corporate purposes.
Strengths
- The company holds a Leading Industry Position, as the third-largest manufacturer and the largest exporter of magnet winding wires from India in FY25.
- It serves a Marquee Global Clientele, maintaining established relationships with top-tier OEMs such as BHEL, Hitachi Energy, Siemens Energy, and GE Vernova.
- The business operates with High Barriers to Entry due to the technical nature of the segment and the need for specialized certifications like PGCIL and NTPC.
- It has a Strong Export Engine, with exports to 24 countries accounting for over 30% of revenue, providing significant geographic de-risking.
- The company is undergoing Robust Capacity Expansion, planning to double its capacity to 59,045 MTPA by March 2027 using IPO proceeds.
- It demonstrates Financial Momentum, with a revenue CAGR of 36% and a sharp PAT growth of 82% between FY24 and FY25.
Weaknesses
- There is a significant Customer Concentration Risk, with the top 10 customers contributing over 50% of total revenue.
- The business is vulnerable to Raw Material Volatility, particularly in copper and aluminium prices, which can squeeze margins if cost pass-through is delayed.
- It carries a Leverage Risk with a debt-to-equity ratio of 1.17, although the fresh issue is designated to repay a substantial portion of these borrowings.
- Operations are Working Capital Intensive, requiring high inventory levels and managing an extended collection cycle of approximately 80 days.
- There is Supplier Concentration, as the top 10 suppliers account for nearly 98.5% of all raw material purchases.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 793.28 | 744.91 | 482.71 | 359.18 |
| Revenue (₹ Cr.) | 562.6 | 1,938.19 | 1,390.5 | 1,056.6 |
| PAT (₹ Cr.) | 22.68 | 67.99 | 37.35 | 26.61 |
| Net Worth (₹ Cr.) | 321.47 | 298.55 | 230.95 | 193.66 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| KSH International Limited | 7.31 | 28.68 | 22.77% | 321.47 |
| Precision Wires India Limited | 6.13 | 36.44 | 16.82% | 576 |
| Ram Ratna Wires Limited | 5.6 | 38.04 | 14.03% | 488 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0x | 1.12x |
| NII | 0.07x | 0.13x | 0.44x |
| S-HNI | 0.13x | 0.26x | 0.8x |
| B-HNI | 0.03x | 0.07x | 0.26x |
| RII | 0.29x | 0.5x | 0.91x |
| Total | 0.16x | 0.28x | 0.87x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 36,97,918 | 41,41,956 | 159.05 |
| NII | 27,73,438 | 12,15,240 | 46.67 |
| Small NII | 9,24,479 | 7,41,780 | 28.48 |
| Big NII | 18,48,958 | 4,73,460 | 18.18 |
| RII | 64,71,354 | 58,78,431 | 225.73 |
| Total | 1,29,42,710 | 1,12,35,627 | 431.45 |
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Company Details
- KSH International Ltd.
- 11/3, 11/4 & 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune- 410501, Maharashtra, India
- +91 20 45053237
- cs.connect@kshinternational.com
- https://kshinternational.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- kshinternational.ipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
What is the business focus of KSH International?
KSH International is a B2B manufacturer specializing in magnet winding wires and transposed conductors. These are essential components for electrical equipment like transformers, motors, and generators used in the power, railway, and EV sectors.
When does the KSH International IPO open and close?
The KSH International IPO is open for subscription from December 16, 2025, and officially closes today, December 18, 2025.
What is the IPO price band and minimum retail investment?
The price band is set at ₹365.00 to ₹384.00 per share. A retail investor can apply for a minimum of 1 lot (39 shares) for an investment of ₹14,976.
How will KSH International utilize the proceeds from the fresh issue?
The company will use the ₹420 crore fresh issue primarily to repay company borrowings (₹225.98 Cr), fund capacity expansion at its Supa and Chakan facilities, and set up a solar power plant.
What are the key financial highlights of KSH International in FY25?
In FY25, the company reported total income of ₹1,938.19 Cr and a profit after tax (PAT) of ₹67.99 Cr, achieving a strong Return on Equity (ROE) of 22.77%.
On which stock exchanges will KSH International be listed?
The shares of KSH International are proposed to be listed on both the BSE and NSE mainboard platforms, with a tentative listing date of December 23, 2025.
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