KSH International IPO subscription status: Check day 3 bidding, latest GMP & more

The initial public offering (IPO) of KSH International continued to see a weak response during the third and final day of the bidding process from all the categories of the investors. The issue was overall booked only 15 per cent on day one and ended day two with 27 per cent bidding.

Pune-based KSH International is selling its shares in the price band of Rs 365-384 apiece. Investors can apply for a minimum of 39 shares and its multiples thereafter. It is looking to raise Rs 710 crore via IPO, which includes a fresh share sale of 1,09,37,500 equity shares and an offer-for-sale of up to 75,52,083 equity shares worth Rs 290 crore.

According to the data, the investors made bids for 32,09,076 equity shares, or 24 per cent, compared to the 1,36,16,438 equity shares offered for the subscription by 1.10 pm on Thursday, December 18, 2025. The three day bidding for the issue, which kicked off on Tuesday, December 16, shall conclude today.

The allocation for retail investors was subscribed 66 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 22 per cent. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for only three per cent as of the same time.

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.

The grey market premium (GMP) of KSH International has seen a sharp crash in the unofficial market amid lacklustre bidding. Last heard, the company was commanding no grey market premium, suggesting a weak listing for the investors. However, its GMP was seen at Rs 6-7 apiece in the unofficial market a day ago.

Return ratios have shown consistent improvement alongside earnings growth during the same period. ROE has increased, while ROCE has improved reflecting more efficient capital deployment and improving asset productivity as capacity utilisation rises, said BP Equities. It is trading at a P/E of 32.1 times based on its FY25 earnings, which is at a considerable discount compared to its peers," it said with a 'subscribe for long-term' tag.

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 is one of the leading manufacturers of magnet winding wires in India with a comprehensive suite of products used across multiple end use industries. It has a proven track record necessary certifications and accreditations in an industry which has high barriers to entry & have a track record of financial performance and consistent growth, said Hem Securities.

"It has large, strategically located, manufacturing facilities with focus on advanced technologies and new product and process development & have long standing relationships with diversified customer base both domestically as well as globally. Hence, we

recommend 'subscribe for long-term' rating to the issue," it added.

Ahead of its IPO, KSH International raised Rs 213 crore from 13 anchor investors as it allocated 55,46,874 equity shares for Rs 384 apeice. 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.

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.