December 11, 2025
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KSH International IPO
KSH International Ltd. is launching a book-built mainboard IPO of Rs. 710.00 crore, comprising a fresh issue of 1.09 crore shares aggregating to Rs. 420.00 crore and an Offer for Sale of 0.76 crore shares aggregating to Rs. 290.00 crore.
The IPO opens on December 16, 2025 and closes on December 18, 2025. The tentative listing is scheduled for December 23, 2025 on BSE and NSE.
The price band is Rs. 365 to Rs. 384 per share.
The lot size is 39 shares, making the minimum retail application Rs. 14,976 at the upper band.
Lead Managers: Nuvama Wealth Management Ltd. and ICICI Securities Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
🕗 Last Update: 10 December 2025, 6.00 AM
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KSH International IPO Details
| Particulars | Details |
|---|---|
| IPO Date | Tue, Dec 16, 2025 to Thu, Dec 18, 2025 |
| Tentative Listing Date | Tue, Dec 23, 2025 |
| Face Value | Rs. 5 per share |
| Price Band | Rs. 365 to Rs. 384 per share |
| Lot Size | 39 shares |
| Issue Structure | Fresh Issue + Offer for Sale |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,84,89,583 shares (aggregating up to Rs. 710.00 crore) |
| Fresh Issue | 1,09,37,500 shares (aggregating up to Rs. 420.00 crore) |
| Offer for Sale | 75,52,083 shares (aggregating up to Rs. 290.00 crore) |
| Pre-Issue Share Capital | 5,68,18,200 shares |
| Post-Issue Share Capital | 6,77,55,700 shares |
| Market Cap (Pre-IPO) | Rs. 2,601.82 crore (at upper band) |
KSH International IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Offer size |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
KSH International IPO Lot Size
Investors can bid for a minimum of 39 shares and in multiples thereof.
| Application Category | Lots | Shares | Amount (at Rs. 384) |
|---|---|---|---|
| Retail (Min) | 1 | 39 | Rs. 14,976 |
| Retail (Max) | 13 | 507 | Rs. 1,94,688 |
| S-HNI (Min) | 14 | 546 | Rs. 2,09,664 |
| S-HNI (Max) | 66 | 2,574 | Rs. 9,88,416 |
| B-HNI (Min) | 67 | 2,613 | Rs. 10,03,392 |
KSH International IPO Timeline (Tentative Schedule)
| Event | Date |
|---|---|
| IPO Opens | Tue, Dec 16, 2025 |
| IPO Closes | Thu, Dec 18, 2025 |
| Allotment Finalisation | Fri, Dec 19, 2025 |
| Refund Initiation | Mon, Dec 22, 2025 |
| Shares to Demat | Mon, Dec 22, 2025 |
| Tentative Listing Date | Tue, Dec 23, 2025 |
| UPI Mandate Cut-off | 5 PM on Thu, Dec 18, 2025 |
Company Financials (Restated Consolidated)
(Rs. in crore)
KSH International Ltd.’s revenue increased by 39% and profit after tax (PAT) rose by 82% between FY24 and FY25.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 793.28 | 744.91 | 482.71 | 359.18 |
| Total Income | 562.60 | 1,938.19 | 1,390.50 | 1,056.60 |
| Profit After Tax | 22.68 | 67.99 | 37.35 | 26.61 |
| EBITDA | 40.28 | 122.53 | 71.46 | 49.90 |
| Net Worth | 321.47 | 298.55 | 230.95 | 193.66 |
| Reserves & Surplus | 293.07 | 270.14 | 225.26 | 187.97 |
| Total Borrowing | 379.39 | 360.05 | 206.81 | 120.35 |
Key Performance Indicators (as of 31 March 2025)
| KPI | Value |
|---|---|
| ROE | 22.77% |
| ROCE | 16.60% |
| Debt/Equity | 1.17 |
| RoNW | 22.77% |
| PAT Margin | 22.77% |
| EBITDA Margin | 6.35% |
| Price to Book Value | 7.31 |
| EPS (Pre-IPO) | Rs. 11.97 |
| EPS (Post-IPO, annualised) | Rs. 13.39 |
| P/E (Pre-IPO) | 32.09x |
| P/E (Post-IPO) | 28.68x |
Promoter Holding (Pre-Issue): 98.40%
Promoters include Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde, Rohit Kushal Hegde, Rakhi Girija Shetty, multiple family trusts (Dhaulagiri, Everest, Makalu, Broad, Annapurna, Kanchenjunga) and Waterloo Industrial Park VI Pvt. Ltd.
About KSH International Ltd.
Incorporated in 1979, KSH International Ltd. is the third-largest manufacturer and the largest exporter of magnet winding wires in India. The company operates under the “KSH” brand and supplies to OEMs across power, renewables, railways, automotive and industrial sectors.
Key products include:
-
Round enamelled copper and aluminium magnet winding wires
-
Paper insulated rectangular copper and aluminium winding wires
-
Continuously transposed conductors (CTC)
-
Rectangular enamelled copper/aluminium wires
-
Bunched paper-insulated copper magnet winding wires
KSH International is an approved supplier to major public and private entities such as PGCIL, NTPC, NPCIL and RDSO, and exports to 24 countries, including the USA, Germany, UAE and Japan.
The company has three manufacturing facilities in Maharashtra (Taloja and Chakan) with a total installed capacity of 29,045 MT. A fourth plant at Supa, Ahilyanagar is under development and expected to commence operations in Fiscal 2026.
An in-house R&D and engineering team drives product innovation, process improvements and cost efficiency. The company holds key quality certifications including ISO 9001, ISO 14001, ISO 45001 and IATF 16949, and has received awards from Toshiba T&D Systems India, GE Power Grid Solutions and BHEL.
As of June 30, 2025, KSH International employs 157 full-time employees.
Competitive Strengths
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One of the leading magnet winding wire manufacturers in India with a comprehensive product suite.
-
Large, strategically located manufacturing facilities with focus on advanced technologies and continuous process development.
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Long-standing relationships with a diversified domestic and global customer base.
-
Proven track record with necessary global certifications in a high entry-barrier industry.
-
Experienced promoters and professional senior management team.
Objects of the Issue
| S. No. | Objects of the Issue | Estimated Amount (Rs. in crore) |
|---|---|---|
| 1 | Repayment of certain company borrowings | 225.98 |
| 2 | Purchase and setup of new machinery at two plants | 87.02 |
| 3 | Purchase and setup of rooftop solar power plant at Supa facility | 8.83 |
| 4 | General corporate purposes | — |
KSH International IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: kshinternational.ipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
KSH International IPO Lead Managers
-
Nuvama Wealth Management Ltd. (Past IPO Performance)
-
ICICI Securities Ltd. (Past IPO Performance)
KSH International IPO – Short Review (Chanakya View)
KSH International combines strong sector positioning (largest exporter of magnet winding wires from India) with robust financial growth – total income has risen sharply and PAT has grown 82% YoY from FY24 to FY25. Return ratios are healthy (ROE ~22.8%, ROCE ~16.6%), though leverage is on the higher side (Debt/Equity 1.17), which the IPO partly addresses through debt repayment.
At the upper band, the P/E of around 28.7x (post-issue) and P/BV of 7.31 indicate that the issue is not cheap, but may be acceptable for investors looking at a specialised industrial export story with long-standing OEM relationships and a capacity expansion pipeline.
Overall: Suitable for investors with a medium to long-term horizon who are comfortable with premium valuations in return for growth, export strength and niche positioning. Listing gains will depend on market sentiment and QIB response.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
