KSH International IPO subscription status: Check day 2 bidding, latest GMP & more

The initial public offering (IPO) of KSH International continued to see a muted response during the second day of the bidding process from all the categories of the investors, mostly driven by retail and HNI investors. The issue, which kicked off on Tuesday, December 16, was overall booked only 15 per cent on day one.

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 2.15 pm on Wednesday, December 17, 2025. The three day bidding for the issue shall conclude on Thursday, December 18.

The allocation for retail investors was subscribed 43 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 11 times. However, the quota set aside for qualified institutional bidders (QIBs) was not even off the mark 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 some activity in the unofficial market despite muted bidding. Last heard, the company was commanding a premium of Rs 6-7 per share in the unofficial market, suggesting a mild listing gain of up to 2 per cent for the investors. There was no activity in the grey market before the issue kicked-off.

Expansion in power transmission capacity, grid modernization, higher EV penetration, and growing demand for energy-efficient appliances are expected to remain key growth drivers. KSH International is well positioned to benefit from this industry growth as one of India’s leading manufacturers and the largest exporter of magnet winding wires, said Master Capital Services.

"Its diversified product portfolio, long-standing OEM relationships and capacity expansion strengthen its ability to capture opportunities arising from grid modernization, power transmission upgrades, and increasing EV adoption. Investors may consider the IPO as a potential long-term investment opportunity," it adds.

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 delivered a healthy financial performance with revenue, Ebitda and PAT growing at a CAGR of 29 per cent, 33 per cent and 33 per cent between FY23-25., said GEPL Capital. "The issued is priced at PE of 38.3 times on post issue capital. We believe that the company is reasonably priced as compared to its peers. We recommend a "subscribe' rating for the Issue."

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.