KSH International IPO shares listing today: GMP signals flat-to-discounted D-st debut

Shares of KSH International are to make their Dalal Street debut on Tuesday, December 23 as the exporter of magnet winding wires may disappoint investors on listing. If one goes by the latest signals from the unofficial market, the company is likely headed for a discounted listing or a flat debut at best.

Ahead of its listing, shares of KSH International took a major hit in its grey market premium (GMP). Last heard, they were trading at a discount of Rs 2-5 apeice, suggesting a weak listing for the investors. However, its GMP stood around Rs 4-6 during the bidding period of the issue.

The IPO of KSH International was open for bidding between December 16 and December 18. It had offered its shares in the price band of Rs 16-18 per share with a lot size of 39 shares. The issue barely managed to sail through after the three-day bidding process, after reducing the issue size.

Initially, KSH International was eyeing to raise a total of Rs 710 crore IPO, which was trimmed down to Rs 644.45 crore. The fresh share sale was not trimmed but the offer-for-sale (OFS) portion was reduced by Rs 65.55 crore from Rs 290 crore to Rs 224.45 crore earlier. The actual issue was overall booked only 83 per cent with only 1.15 lakh applications.

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.

Brokerage firms had mixed views on this issue, mostly suggesting it for long-term bidding. Nuvama Wealth Management and ICICI Securities were the book running lead managers of KSH International IPO and MUFG Intime India was the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.