KSH International IPO: Price Band, Dates, Worth Applying?
KSH International, India’s third-largest magnet winding wire manufacturer, is coming out with a ₹710 crore IPO. Here’s a crisp breakdown of its business model, IPO structure, pricing, and what investors should watch before subscribing.
KSH International Ltd - Company Background
KSH International Ltd has been around for the last 46 years and is the third largest manufacturer of magnet winding wires in India. It is an OEM supplier to sectors like power, renewables, automotive, railways, and industrial engineering. Its major product portfolio comprises of enamelled copper magnet winding wires, paper insulated wires, continuously transposed conductors, bunched copper magnetic wires etc. Most of the PSU power companies are customers of KSH International Ltd. The company has 3 plants in the state of Maharashtra with a total capacity of 29,045 MT, with a fourth plant underway. KSH International also exports to 24 countries; including the US, UAE, Japan, and Germany.
The IPO will be a combination of a fresh issue and an offer for sale by the promoter shareholders. The fresh issue funds will be used for repayment of borrowings, purchase of machinery at its 2 plants, and setting up rooftop solar facility at SUPA plant. The promoters of the company are Kushal Hegde, Pushpa Hegde, Rajesh Hegde, Rohit Hegde, Rakhi Shetty, as well as other family trusts. The issue is being lead-managed by Nuvama Wealth and ICICI Securities; while MUFG Intime India Private Ltd will be the registrars to the IPO.
Highlights of the IPO Issue
Here are the key highlights of the public issue of KSH International Ltd.
- The IPO of will be open from December 16th, 2025 to December 18th, 2025. It has a face value of ₹5 per share and IPO price band is set in range of ₹365 to ₹384 per share.
- The IPO of KSH International Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters and early investors.
- The fresh IPO portion comprises the issue of 1,09,37,500 shares (109.38 lakh shares), which at the upper price band of ₹384 per share translates into ₹420 crore.
- The OFS of the IPO comprises the sale of 75,52,083 shares (75.52 lakh shares), which at the upper price band of ₹384 per share translates into ₹290 crore.
- The overall IPO will comprise of the issue and sale of 1,84,89,583 shares (184.90 lakh shares), which at the upper price band of ₹384 per share translates into ₹710 crore.
The IPO of KSH International Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of KSH International Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 16 December, 2025 |
| IPO Close Date | Thursday, 18 December, 2025 |
| Basis of Allotment | Friday, 19 December, 2025 |
| Initiation of Refunds to non-allottees | Monday, 22 December, 2025 |
| Credit of Shares to Demat | Monday, 22 December, 2025 |
| Listing Date on NSE and BSE | Tuesday, 23 December, 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 55,46,874 shares | 28.95% of total IPO size |
| QIB Shares Offered | 38,90,410 shares | 20.30% of total IPO size |
| NII (HNI) Shares Offered | 29,17,809 shares | 15.23% of total IPO size |
| Retail Shares Offered | 68,08,219 shares | 35.53% of total IPO size |
| Total Shares Offered | 1,91,63,312 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of KSH International Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 39 | ₹ 14,976 |
| Retail (Max) | 13 | 507 | ₹ 1,94,688 |
| S-HNI (Min) | 14 | 546 | ₹ 2,09,664 |
| S-HNI (Max) | 66 | 2,574 | ₹ 9,88,416 |
| B-HNI (Min) | 67 | 2,613 | ₹ 10,03,392 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 39 shares)
Financial Highlights
The table captures the key financials of KSH International Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,928.29 | 1,382.82 | 1,049.46 |
| Sales Growth (%) | 39.45% | 31.76% | |
| Profit after Tax (₹ in crore) | 67.99 | 37.35 | 26.61 |
| PAT Margins (%) | 3.53% | 2.70% | 2.54% |
| EBITDA Margins (%) | 6.35% | 5.17% | 4.75% |
| Total Equity (₹ in crore) | 298.55 | 230.95 | 193.66 |
| Total Assets (₹ in crore) | 744.91 | 482.71 | 359.18 |
| Return on Equity (%) | 22.77% | 16.17% | 13.74% |
| Return on Assets (%) | 9.13% | 7.74% | 7.41% |
| Asset Turnover Ratio (X) | 2.59 | 2.86 | 2.92 |
| Earnings per share (₹) | 11.97 | 6.57 | 4.68 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company, KSH International Ltd, has shown robust annual growth in sales of over 30% in the last 2 years. The nature of the business is such that buyers are large PSUs with high volumes and bargaining power, so the EBITDA margins at 6.35% and the net margins at around 3.53% are relatively lower. That is unlikely to change under cost-plus pricing.
Valuation Metrics
At the IPO price of ₹384 per share, the indicative P/E will work out to 32.1X at the latest year EPS of ₹11.97 per share. This is actually much higher than the average valuations of the peer group. KSH International Ltd does bring some key advantages to the table. It has a long-standing relationship with established buyers and that is evident in the growth. The promoters have a long experience in this business. However, this is a business where margins will be under pressure. Hence valuations is something to very closely look at!
A Brief on the Anchor Allocation
The anchor issue of KSH International Ltd saw a strong response on 15th December 2025 with 28.95% of the IPO size absorbed by anchors. Out of 1,91,63,312 shares (191.63 lakh shares) on offer in the IPO, anchors picked up 55,46,874 shares (55.47 lakh shares) accounting for 28.95% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹384 per share. This includes the face value of ₹5 per share plus a share premium of ₹379 per share. The anchor bidding process opened and closed on 15th December 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of KSH International Ltd
| Bid Date | December 15, 2025 |
|---|---|
| Shares Offered | 55,46,874 shares |
| Anchor Portion Size (₹ in crore) | ₹213.00 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | January 20, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | March 19, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 15th December 2025, KSH International Ltd allotted 55,46,874 shares to 13 anchor investors. The allocation was done at the upper IPO price band of ₹384 per share which resulted in overall anchor allocation of ₹213 crore. The anchors have already absorbed 28.95% of the total issue size of ₹735.87 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹195.00 crores, or, 91.55% of the overall anchor allocation of shares, one day ahead of the IPO of KSH International Ltd. The anchor bidding opened and closed on December 15, 2025.
| AnchorInvestors | No. ofShares | % of AnchorPortion | ValueAllocated | |
|---|---|---|---|---|
| 01 | HDFC Manufacturing Fund | 10,41,690 | 18.78% | ₹ 40.00 |
| 02 | Kotak Infrastructure & ER Fund | 7,81,248 | 14.08% | ₹ 30.00 |
| 03 | Kotak Manufacture in India Fund | 6,51,066 | 11.74% | ₹ 25.00 |
| 04 | Kotak Special Opportunities Fund | 6,51,027 | 11.74% | ₹ 25.00 |
| 05 | Malabar India Fund | 3,38,520 | 6.10% | ₹ 13.00 |
| 06 | HSBC Global Investments (Ex-Japan) | 3,38,520 | 6.10% | ₹ 13.00 |
| 07 | Kotak Mahindra Life Insurance | 3,38,520 | 6.10% | ₹ 13.00 |
| 08 | LIC MF Large & Mid-Cap Fund | 3,38,520 | 6.10% | ₹ 13.00 |
| 09 | Bank of India Small Cap Fund | 3,38,520 | 6.10% | ₹ 13.00 |
| 10 | Societe Generale – ODI | 2,60,482 | 4.70% | ₹ 10.00 |
| Grand Total | 50,78,113 | 91.55% | ₹ 195.00 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 55,46,874 shares allocated to the anchors in the IPO, there were a total of 41,40,591 shares allocated to mutual funds registered with SEBI. The allocation was made to 8 mutual fund schemes across 5 AMCs. Mutual funds accounted for 74.65% of the total anchor allocation of the IPO. AIFs, Insurance Companies and P-Notes were also very active in participating in the anchor allocation of KSH International Ltd.
Next Step in the IPO
Post the closure of the IPO subscription on 18th December 2025, the basis of allotment will be finalized on 19th December 2025 and the refunds will be initiated on 22nd December 2025. In addition, the demat credits are expected to also happen on 22nd December 2025 and the stock will list on 23rd December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd December 2025 under ISIN (INE987S01020).
IPO Subscription Status On Day-1
As of 5.30 pm on 16th December 2025, out of the 136.16 lakh shares on offer in the IPO (excluding anchor portion), KSH International Ltd saw bids for 19.95 lakh shares. This implies an overall subscription of 0.15X or 15% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of KSH International Ltd was as under:
| Employees (N.A.) | QIBs (0.00X) | HNI / NII (0.06X) | Retail (0.27X) |
|---|
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount(₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 55,46,874 | 55,46,874 | 213.00 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 0.00 | 38,90,410 | 0 | 0.00 |
| HNIs / NIIs | 0.06 | 29,17,809 | 1,84,587 | 7.09 |
| Retail Investors | 0.27 | 68,08,219 | 18,10,497 | 69.52 |
| Total | 0.15 | 1,36,16,438 | 19,95,084 | 76.61 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to December 18, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-2
As of 5.30 pm on 17th December 2025, out of the 136.16 lakh shares on offer in the IPO (excluding anchor portion), KSH International Ltd saw bids for 35.25 lakh shares. This implies an overall subscription of 0.26X or 26% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of KSH International Ltd was as under:
| Employees (N.A.) | QIBs (0.00X) | HNI / NII (0.13X) | Retail (0.46X) |
|---|
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| InvestorCategory | Subscription(times) | SharesOffered | Sharesbid for | Total Amount(₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 55,46,874 | 55,46,874 | 213.00 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 0.00 | 38,90,410 | 1,638 | 0.06 |
| HNIs / NIIs | 0.13 | 29,17,809 | 3,68,745 | 14.16 |
| Retail Investors | 0.46 | 68,08,219 | 31,54,359 | 121.13 |
| Total | 0.26 | 1,36,16,438 | 35,24,742 | 135.35 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to December 18, 2025, at which point we will know the final subscription status of the IPO.
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