KSH International IPO kicks-off today: Should you subscribe to this issue?
KSH International is selling its shares in the price band of Rs 365-384 apiece, applied for a minimum of 39 shares and its multiples to raise Rs 710 crore between December 16-18.
- Dec 16, 2025,
- Updated Dec 16, 2025 9:41 AM IST
The initial public offering (IPO) of KSH International kicks-off for bidding on Tuesday, December 16. The magnet winding wires player is selling its shares in the range of Rs 365-384 apeice. Investors can apply for a minimum of 39 equity shares and its multiples thereafter. The issue will close for bidding on Thursday, December 18.
The Rs 710 crore IPO of KSH International includes a fresh share sale of 1,09,37,500 equity shares worth Rs 420 crore and an offer-for-sale (OFS) of up to 75,52,083 equity shares worth Rs 290 crore. The net proceeds from the fresh sale will be utilized towards debt repayment, purchase and set of new machinery, purchase and setup of solar power plant and general corporate purposes.
Incorporated in 1979, Pune-based KSH International is the third-largest manufacturer and the largest exporter of magnet winding wires in India. KSH International operates under the 'KSH' brand and supplies to OEMs across sectors like power, renewables, railways, automotive, and industrials.
KSH International raised Rs 213 crore from 13 anchor investors as it allocated 55,46,874 equity shares for Rs 384 apeice. Anchor book included names like Kotak Mahindra AMC, HDFC Mutual Fund, Malabar India Fund, HSBC Global Investment Funds, ITI Mutual Fund, Societe Generale, Edelweiss Life Insurance Company, Bank of India Mutual Fund and others.
For the three months ended on June 30, 2025, KSH International reported a net profit of 22.68 crore with a revenue of Rs 562.60 crore. The company clocked a net profit of Rs 67.99 crore and a revenue of Rs 1,938.19 crore for the financial year 2024-25. The company shall be commanding a market capitalization of little more than Rs 2,600 crore as of current valuations.
KSH International has reserved 50 per cent of the issue for the qualified institutional bidders (QIBs), while non institutional investors will have 15 per cent of allocation. Retail investors will have 35 per cent of the allocation in the IPO. Last heard, KSH International was commanding a no grey market premium (GMP) before the issue kicked off.
Nuvama Wealth Management and ICICI Securities are the book running lead managers of KSH International IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, December 23. Here's what a host of brokerage firms have say about the IPO of KSH International:
Arihant Capital Market
Rating: Neutral
KSH International is well-positioned to capitalize on secular growth drivers in electrification like EV penetration, renewable energy and power infrastructure modernization. Its demonstrated execution track record combined with diversified customer base across 122 accounts and 24-country geographic footprint provides earnings visibility, said Arihant Capital Markets.
"Backward integration into copper rod manufacturing and captive renewable energy deployment will enhance operating leverage and provide pricing power in a cyclical commodity business. The issue has an P/E ratio of 38.27 times, based on annualised EPS of Rs 10.03 of FY25. We assign a 'neutral' rating for this issue," it added.
Angel One
Rating: Subscribe for long-term
The IPO values the company at a post-issue P/E of 28.68 times, indicating that the issue is fairly priced. However, strong earnings growth, improving return ratios, leadership in the magnet winding wires segment, and favourable demand tailwinds from power, renewables, EVs and industrial applications provide healthy long-term visibility, said Angel One with a 'subscribe' rating.
It has cited key risks including volatility in copper and aluminium prices can negatively affect the profitability of the company. Any loss of major customers or suppliers, supply disruptions, or delays in passing on sharp raw material price fluctuations could adversely impact margins and overall financial performance.
SBI Securities
Rating: Neutral
KSH International is India’s largest exporter and 3rd largest manufacturer of magnet winding wires as of FY25. Between FY23-FY25, the company has delivered strong revenue, Ebitda and PAT CAGR of 29 per cent, 32.9 per cent and 33.4 per cent respectively, demonstrating financial resilience, said SBI Securities.
"The issue is priced at FY25 P/E and EV/Ebitda multiples of 38.3 times and 20.7 times respectively, based on post-issue capital. While comparing with its closest peers, the issue seems to be fairly valued coupled with a slightly superior margin profile. It plans to repay debt from the proceeds, which is expected to boost profitability," it added with a 'neutral' rating on the issue.
Canara Bank Securities
Rating: Subscribe
KSH continues to focus on high-value specialized magnet wires such as CTC to strengthen its margin profile versus standard products. It benefits from high entry barriers, backed by approvals from PGCIL, NTPC, NPCIL, and RDSO for supplying CTC and insulated rectangular wires used in HVDC and 765 kV systems, giving it a strong competitive moat, said Canara Bank Securities.
"KSH is well positioned to leverage the global 'China Plus One' diversification trend. KSH is enhancing efficiency and sustainability through a 3.2 MW rooftop solar plant and backward integration into upcast copper rod manufacturing, aimed at lowering power costs, stabilizing raw material supply, and supporting circular economy goals," it said with a 'subscribe for long-term' tag.
Swastika Investmart
Rating: Subscribe
Rising demand from EVs, power equipment, and electrical infrastructure supports volume growth. FY25 ROE of 22.77% and improving margins indicate efficient operations. Fresh issue funds for capacity expansion and solar power setup can aid long-term cost savings, said Swastika Investmart. "Valuation is fair but not cheap; upside may be limited initially due to higher leverage. Apply for long-term wealth creation, not for aggressive listing gains," it said.
BP Equities
Rating: Subscribe
Return ratios have shown consistent improvement alongside earnings growth during the same period, said BP Equities. "The company is trading at a P/E of 32.1x based on its FY25 earnings which is at a considerable discount compared to its peers. We, thus, recommend a 'subscribe' rating to the issue from a medium-to long-term perspective," it adds.
Lakshmishree Investment & Securities
Rating: Subscribe for long-term
KSH International products are critical components for coil windings in power and distribution transformers, electric motors, generators, and electric vehicle components. Its profitability is also expanding, evidenced by the Ebitda margin increasing. KSH International maintains a strong export focus, said Lakshmishree Investments.
"Despite volatility in metal prices, KSH International's robust, asset-heavy yet profitable model and its strategic position as a high-quality supplier to major global OEMs allow it to strongly capitalize on the ongoing global electrification drive and the EV manufacturing boom. We recommend a ‘subscribe’ rating for long-term investors," it added.
Ventura Securities
Rating: Subscribe
KSH International has demonstrated consistent operational performance, scale benefits, and a strong market position in a niche yet critical segment of the electrical value chain. The IPO comprises a fresh issue, aimed at supporting future growth initiatives, strengthening the balance sheet, and providing liquidity to existing shareholders while enhancing its visibility in the capital markets, said Ventura Securities with a 'subscribe' rating.
Adroit Financial Services
Rating: Subscribe
The company will be repaying a major part of its debt which will lead to significant cost savings, boosting profitability. They are also expanding their capacity by 30000 MTPA, which is double the current capacity, in the next two years. This gives the company significant headroom for growth and a strong balance sheet for the foreseeable future, said Adroit Financial Services.
"The valuations for the company are relatively cheap as compared with its peers and provide a lot of comfort given the growth potential. Therefore, it is recommended to 'subscribe' to the IPO for long-term investment," it added.
Sushil Finance
Rating: Subscribe for long-term
India’s expanding power transmission infrastructure, electric vehicle acceptance, and industrial growth support long-term demand for magnet winding wires. Companies with manufacturing scale and technical expertise are well-positioned to grow. Looking at all the factors, risks, opportunities and valuation, investors may invest with Long term horizon to the issue, said Sushil Finance.
The initial public offering (IPO) of KSH International kicks-off for bidding on Tuesday, December 16. The magnet winding wires player is selling its shares in the range of Rs 365-384 apeice. Investors can apply for a minimum of 39 equity shares and its multiples thereafter. The issue will close for bidding on Thursday, December 18.
The Rs 710 crore IPO of KSH International includes a fresh share sale of 1,09,37,500 equity shares worth Rs 420 crore and an offer-for-sale (OFS) of up to 75,52,083 equity shares worth Rs 290 crore. The net proceeds from the fresh sale will be utilized towards debt repayment, purchase and set of new machinery, purchase and setup of solar power plant and general corporate purposes.
Incorporated in 1979, Pune-based KSH International is the third-largest manufacturer and the largest exporter of magnet winding wires in India. KSH International operates under the 'KSH' brand and supplies to OEMs across sectors like power, renewables, railways, automotive, and industrials.
KSH International raised Rs 213 crore from 13 anchor investors as it allocated 55,46,874 equity shares for Rs 384 apeice. Anchor book included names like Kotak Mahindra AMC, HDFC Mutual Fund, Malabar India Fund, HSBC Global Investment Funds, ITI Mutual Fund, Societe Generale, Edelweiss Life Insurance Company, Bank of India Mutual Fund and others.
For the three months ended on June 30, 2025, KSH International reported a net profit of 22.68 crore with a revenue of Rs 562.60 crore. The company clocked a net profit of Rs 67.99 crore and a revenue of Rs 1,938.19 crore for the financial year 2024-25. The company shall be commanding a market capitalization of little more than Rs 2,600 crore as of current valuations.
KSH International has reserved 50 per cent of the issue for the qualified institutional bidders (QIBs), while non institutional investors will have 15 per cent of allocation. Retail investors will have 35 per cent of the allocation in the IPO. Last heard, KSH International was commanding a no grey market premium (GMP) before the issue kicked off.
Nuvama Wealth Management and ICICI Securities are the book running lead managers of KSH International IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, December 23. Here's what a host of brokerage firms have say about the IPO of KSH International:
Arihant Capital Market
Rating: Neutral
KSH International is well-positioned to capitalize on secular growth drivers in electrification like EV penetration, renewable energy and power infrastructure modernization. Its demonstrated execution track record combined with diversified customer base across 122 accounts and 24-country geographic footprint provides earnings visibility, said Arihant Capital Markets.
"Backward integration into copper rod manufacturing and captive renewable energy deployment will enhance operating leverage and provide pricing power in a cyclical commodity business. The issue has an P/E ratio of 38.27 times, based on annualised EPS of Rs 10.03 of FY25. We assign a 'neutral' rating for this issue," it added.
Angel One
Rating: Subscribe for long-term
The IPO values the company at a post-issue P/E of 28.68 times, indicating that the issue is fairly priced. However, strong earnings growth, improving return ratios, leadership in the magnet winding wires segment, and favourable demand tailwinds from power, renewables, EVs and industrial applications provide healthy long-term visibility, said Angel One with a 'subscribe' rating.
It has cited key risks including volatility in copper and aluminium prices can negatively affect the profitability of the company. Any loss of major customers or suppliers, supply disruptions, or delays in passing on sharp raw material price fluctuations could adversely impact margins and overall financial performance.
SBI Securities
Rating: Neutral
KSH International is India’s largest exporter and 3rd largest manufacturer of magnet winding wires as of FY25. Between FY23-FY25, the company has delivered strong revenue, Ebitda and PAT CAGR of 29 per cent, 32.9 per cent and 33.4 per cent respectively, demonstrating financial resilience, said SBI Securities.
"The issue is priced at FY25 P/E and EV/Ebitda multiples of 38.3 times and 20.7 times respectively, based on post-issue capital. While comparing with its closest peers, the issue seems to be fairly valued coupled with a slightly superior margin profile. It plans to repay debt from the proceeds, which is expected to boost profitability," it added with a 'neutral' rating on the issue.
Canara Bank Securities
Rating: Subscribe
KSH continues to focus on high-value specialized magnet wires such as CTC to strengthen its margin profile versus standard products. It benefits from high entry barriers, backed by approvals from PGCIL, NTPC, NPCIL, and RDSO for supplying CTC and insulated rectangular wires used in HVDC and 765 kV systems, giving it a strong competitive moat, said Canara Bank Securities.
"KSH is well positioned to leverage the global 'China Plus One' diversification trend. KSH is enhancing efficiency and sustainability through a 3.2 MW rooftop solar plant and backward integration into upcast copper rod manufacturing, aimed at lowering power costs, stabilizing raw material supply, and supporting circular economy goals," it said with a 'subscribe for long-term' tag.
Swastika Investmart
Rating: Subscribe
Rising demand from EVs, power equipment, and electrical infrastructure supports volume growth. FY25 ROE of 22.77% and improving margins indicate efficient operations. Fresh issue funds for capacity expansion and solar power setup can aid long-term cost savings, said Swastika Investmart. "Valuation is fair but not cheap; upside may be limited initially due to higher leverage. Apply for long-term wealth creation, not for aggressive listing gains," it said.
BP Equities
Rating: Subscribe
Return ratios have shown consistent improvement alongside earnings growth during the same period, said BP Equities. "The company is trading at a P/E of 32.1x based on its FY25 earnings which is at a considerable discount compared to its peers. We, thus, recommend a 'subscribe' rating to the issue from a medium-to long-term perspective," it adds.
Lakshmishree Investment & Securities
Rating: Subscribe for long-term
KSH International products are critical components for coil windings in power and distribution transformers, electric motors, generators, and electric vehicle components. Its profitability is also expanding, evidenced by the Ebitda margin increasing. KSH International maintains a strong export focus, said Lakshmishree Investments.
"Despite volatility in metal prices, KSH International's robust, asset-heavy yet profitable model and its strategic position as a high-quality supplier to major global OEMs allow it to strongly capitalize on the ongoing global electrification drive and the EV manufacturing boom. We recommend a ‘subscribe’ rating for long-term investors," it added.
Ventura Securities
Rating: Subscribe
KSH International has demonstrated consistent operational performance, scale benefits, and a strong market position in a niche yet critical segment of the electrical value chain. The IPO comprises a fresh issue, aimed at supporting future growth initiatives, strengthening the balance sheet, and providing liquidity to existing shareholders while enhancing its visibility in the capital markets, said Ventura Securities with a 'subscribe' rating.
Adroit Financial Services
Rating: Subscribe
The company will be repaying a major part of its debt which will lead to significant cost savings, boosting profitability. They are also expanding their capacity by 30000 MTPA, which is double the current capacity, in the next two years. This gives the company significant headroom for growth and a strong balance sheet for the foreseeable future, said Adroit Financial Services.
"The valuations for the company are relatively cheap as compared with its peers and provide a lot of comfort given the growth potential. Therefore, it is recommended to 'subscribe' to the IPO for long-term investment," it added.
Sushil Finance
Rating: Subscribe for long-term
India’s expanding power transmission infrastructure, electric vehicle acceptance, and industrial growth support long-term demand for magnet winding wires. Companies with manufacturing scale and technical expertise are well-positioned to grow. Looking at all the factors, risks, opportunities and valuation, investors may invest with Long term horizon to the issue, said Sushil Finance.