The initial public offering (IPO) of KSH International, which opened for subscription on December 16, 2025, closes today, December 18, 2025. The ₹710 crore IPO aims to raise funds through a fresh issue of shares worth ₹420 crore and an offer for sale (OFS) of ₹290 crore by promoters.
Subscription Status
As of the end of Day 2, the IPO has been subscribed just 0.26 to 0.28 times. According to BSE data, bids were received for approximately 35.24 lakh shares against the offered 1.36 crore shares. The retail segment has seen 0.46 to 0.50 times subscription, while the non-institutional investor (NII) portion was subscribed 0.13 times. The qualified institutional buyer (QIB) portion had not received any bids until the end of Day 2.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for KSH International has fallen to ₹0 today, December 18, 2025, from ₹6 previously. This suggests that the shares are currently trading at a premium of ₹0 in the grey market, indicating a muted listing. The estimated listing price of KSH International IPO is likely to remain the same as the IPO price of ₹384. The GMP reflects investors' willingness to pay over the issue price in the unofficial market.
IPO Details
The IPO price band is set at ₹365 to ₹384 per share. Retail investors need to apply for a minimum lot size of 39 shares, which translates to an investment of ₹14,976 at the upper price band.
The company plans to utilize the proceeds from the fresh issue for debt repayment of approximately ₹226 crore, expansion of the Supa facility, installation of new machinery, and general corporate purposes. Allotment is expected to be finalized on December 19, 2025, with listing on the BSE and NSE tentatively scheduled for December 23, 2025.
Company Overview
KSH International, established in 1981, is a manufacturer and exporter of magnet winding wires. The company operates under the KSH brand and has a strong market presence with exports to 24 countries. KSH International has three manufacturing units located in Chakan, Pune, and Taloja, Raigad, with a new facility in Supa, Ahilyanagar, expected to commence operations in FY26. KSH is India's largest exporter of magnet winding wires.
Financial Performance & Valuation
KSH International has demonstrated financial improvement over the last three years. The company's revenue increased from ₹1,056.60 crore in FY23 to ₹1,938.19 crore in FY25, with net profit rising from ₹26.61 crore to ₹67.99 crore. EBITDA margins have also expanded, indicating better operating efficiency.
At the upper price band, KSH International is valued at a P/E of around 32 times FY25 earnings. While the valuation appears reasonable compared to peers, the company's debt levels are relatively higher.
Expert Views
Angel One has a positive outlook on the IPO, citing reasonable valuation and strong sector fundamentals. However, some analysts have pointed out the fully priced nature of the issue. Value Research does not recommend investing in IPOs.
Listing and Allotment
The basis of allotment is scheduled for December 19, 2025, and shares are expected to be credited to successful applicants' demat accounts on December 22, 2025. Refunds for non-allottees will also be processed on the same day. The company's shares are slated to debut on the BSE and NSE on December 23, 2025.
