Kanishk Aluminium India Limited launched its initial public offering (IPO) on January 28, 2026, opening the doors for investors to participate in the company's growth story. The IPO is a fixed-price issue of ₹29.20 crore, consisting entirely of a fresh issue of 0.40 crore shares. The subscription period will remain open until January 30, 2026.
Price Band and Lot Size
The issue is priced at ₹73 per share. The lot size is 1,600 shares, requiring a minimum investment of ₹2,33,600 for retail investors (3,200 shares). For High Net Worth Individuals (HNIs), the minimum lot size is 3 lots (4,800 shares), amounting to ₹3,50,400.
Subscription Status on Day 1
On the first day of bidding, the Kanishk Aluminium India IPO was subscribed 0.04 times as of 1:39:58 PM. The retail portion was subscribed 0.08 times, while the NII portion was subscribed 0.01 times.
GMP (Grey Market Premium)
As of January 27, 2026, the Grey Market Premium (GMP) for Kanishk Aluminium India IPO was ₹10 per share. GMP is an unofficial premium at which IPO shares are traded in the grey market before they are listed on the stock exchanges.
IPO Details
Kanishk Aluminium India IPO is a SME IPO with a face value of ₹10 per share. The IPO aims to raise approximately ₹29.20 crores. The IPO will list on the BSE SME platform with a tentative listing date of February 4, 2026. Kfin Technologies Ltd is the registrar for the IPO, while Sunflower Broking Pvt. Ltd. is the market maker.
Objects of the Issue
The company intends to use the net proceeds from the IPO for the following purposes:
- Repayment or prepayment of certain borrowings
- Branding and promotion of the company's brand, "Baari by Kanishk"
- General corporate purposes
Company Overview
Established in 2022, Kanishk Aluminium India is a manufacturer of aluminium extrusion products. Their product portfolio includes solid & hollow section profiles, solar profiles, railings, heatsinks, and sliding/fixed windows and doors profiles. These products cater to various industries, including electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. In November 2024, the company launched its premium aluminium systems brand "Baari by Kanishk", focusing on aluminium doors and window solutions.
Financial Performance
Kanishk Aluminium India Limited's revenue increased by 0.99% from ₹59.54 crores in March 2024 to ₹60.13 crores in March 2025. The company's Profit After Tax (PAT) increased by 100.00% from ₹1.52 crores in March 2024 to ₹3.04 crores in March 2025.
Concerns
The company's financial performance has shown almost static top lines with inconsistent bottom lines for the reported periods. Some analysts believe that the boosted profits from FY25 onwards appear to be window dressing to justify fancy valuations for the IPO. Based on its recent financial data, the issue may appear greedily priced.
Strengths
Kanishk Aluminium India possesses several strengths, including:
- A wide range of aluminium extrusion products across multiple industries
- Strong promoter experience in aluminium manufacturing
- In-house manufacturing with owned dies enabling customization and control
- Established brand “Baari by Kanishk” with a growing pan-India fabricator network
- ISO 9001:2015 certified processes with a strong focus on quality control
Allotment and Listing
The basis of allotment is expected to be finalized on February 2, 2026. Refunds will be initiated on February 3, 2026, and shares will be credited to demat accounts on the same day. The IPO is tentatively scheduled to list on the BSE SME platform on February 4, 2026.
