What are the open and close dates of the KSH International IPO ?

KSH International IPO will be open between 2025-12-16 and 2025-12-18.

What is the allotment date for the KSH International IPO ?

KSH International IPO allotment date is 2025-12-22. For KSH International IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of KSH International IPO ?

For KSH International IPO, the IPO registrar is MUFG Intime India Private Limited. You can check KSH International IPO allotment status on the website of the registrar.

Where is the KSH International IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will KSH International IPO shares be credited to your demat account?

The KSH International IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the KSH International IPO ?

The KSH International IPO lot size is 39 and minimum order quantity is 39.

What is the price band for the KSH International IPO ?

KSH International IPO has set the price band for its IPO at 384 per equity share with a face value of 5.

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IPO

0.81x

subscribed

KSH International IPO

Electric Equipment

listed

₹14,235Min. investment

Pre-apply
15 Dec
Bid start
16 Dec
Bid end
18 Dec
Allotment
19 Dec
Release of funds
22 Dec
Demat transfer
22 Dec
Listing
23 Dec

KSH International Limited IPO Details

Issue size

₹710Cr

IPO type

Mainboard

Market Cap

₹2,601CrLower than sector avg

Price range

₹365 – ₹384

Listing ExchangeBSE, NSE

RevenueApr 2024 - Mar 2025

₹1,928.2CrHigher than sector avg

Lot size

39 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

35.55%

SectorElectric Equipment

Price range₹365 – ₹384

IPO type

Regular

Lot size39 shares

Issue size₹710Cr

Red Herring Prospectus

Read

Market Cap

₹2,601CrLower than sector avg

RevenueApr 2024 - Mar 2025

₹1,928.2CrHigher than sector avg

Growth rate3Y CAGR

35.55%

KSH International Limited IPO Overview

KSH International Limited IPO date

KSH International Limited IPO will open for subscription on December 16, 2025, and the closing date for the IPO is December 18, 2025. After this, investors are expected to be updated about the allotment status on December 19, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on December 22, 2025. The shares will be listed on the NSE and the BSE on Tuesday, December 23, 2025.

KSH International Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹365 to ₹384 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹420 crore and an offer for sale of ₹290 crore. KSH International IPO listing price will be determined on December 23, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

KSH International Limited IPO lot size

KSH International Limited IPO details have been declared. The minimum lot size for an application is 39 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹710 crore.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

Risk analysis

Debt to Equity ratio

Promoter holdings

Shares pledged

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue

Higher revenue means strong sales and good market demand

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₹1,928.2Cr

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₹1,165.91Cr

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PAT

Higher PAT means strong profitability and efficient cost management

This IPO

₹67.9Cr

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₹116.9Cr

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Market cap

Higher market cap means strong confidence but may suggest overvaluation

This IPO

₹2,601Cr

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₹10,304.95Cr

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P/E ratio

Lower ratio usually means stock is undervalued

This IPO

32.08

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99.84

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D/E ratio

Lower ratio usually means fewer liabilities

This IPO

1.17

This sector

0.59

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Objectives

Repayment of borrowings

53.80%

General corporate purposes

23.30%

Purchase new machinery

20.70%

Capex for solar power plant

2.10%

Strength and Weakness

Diversified product portfolio

The company is ranked among the top three magnet winding wire manufacturers in India in terms of installed capacity (29,045 MT as of Q1FY26) and is one of the most widely diversified product suites in the market, covering both standard and specialised copper and aluminium winding wires, CTCs, and paper-insulated conductors.

Strategically located manufacturing process

The company runs a large-scale manufacturing unit of 29,045 MT spread over Taloja and Chakan and has recently commissioned a new facility in Supa as of September 2025. All these plants are efficiently located close to JNPT to facilitate export-led operations. Its plants are equipped with wire-flattening machines of high precision, modern enamelling systems, transposing heads, and are driven by automation to achieve quality of the highest standard and at the micron level. These technologies are essential for meeting the stringent requirements of, for example, HVDC transformers, CTC conductors, and specialised EV-grade wires.

Product innovation

With the launch of specialised enamelled round and rectangular wires for EV and compressor applications, the company is in a position to gain from the structurally increasing demand for e-mobility and energy-efficient motors.

Diversified and sticky customer base

The company had 122 customers in FY25. Out of these, 94.54% of the FY25 operating revenues were generated by 5 of the 122 customers. 69.50% of revenues were from domestic operations, and exports accounted for 30.50% as of June 2025.

Strong export presence

The company exports its products in 24 countries, including North America, Europe, the Middle East, and Asia, thereby lessening the risks of concentration in the geographical areas. Some of the top global customers are Toshiba T&D Systems and Meidensha Corporation, which shows that the company is globally accredited and its products are reliable. Export revenues grew at a CAGR of 19.85% between FY23 and FY25.

Strong industry approvals and high entry barriers

The company benefits from approvals by key government and institutional clients, including PGCIL (up to 765kV and HVDC transformers), NTPC (CTC supply), NPCIL (CTC up to 220kV), and RDSO (CTC for locomotive transformers). In addition to ISO 9001, 14001, 45001, and IATF 16949, these certifications open up more tender-driven high-value opportunities and serve as substantial barriers to entry.

Customer concentration risk

The company’s income mainly comes from a few customers whose revenue is most concentrated. In Q1FY26, FY25, FY24, and FY23, the 10 major clients contributed 53.97%, 52.54%, 57.10%, and 58.99%, respectively. This dependence limits the company's pricing power, makes the revenue stream volatile, and increases the impact of any reduction in orders, loss of customers, or sanctions on your most important accounts.

Dependency on suppliers

Nearly all raw materials are sourced from just 10 suppliers (over 95% of purchases each year). Since most purchases are on short-term purchase orders, any disruption or change in supply terms can affect production and margins sharply.

Exposure to commodity price volatility

The cost of raw material accounted for 96.29% of total expenses for Q1FY26; thus, there is very little margin protection against input inflation. Copper and aluminium prices have increased at 3.1% and 0.5% CAGR, respectively, over the last 3 years. The company is not always able to pass on the price increase to the customers. In case of an unfavourable LME price or forex-induced cost increase, the company's pricing competitiveness may be affected.

Over-reliance on the power sector

The power sector contributed 71.73%, 74.79%, and 75.17% of operating revenues for Q1FY26, FY25, and FY24, respectively. Due to its dependence on one sector only, the company is exposed to the cyclicality, tariff structures, and regulatory changes that affect this sector. Any reduction in the power sector's capital expenditures or a policy change will have a great impact on the company's revenue.

Export risk and tariff-related headwinds

Exports accounted for 30.75% of sales in Q1FY26, 33.20% in FY25, and as high as 43.93% in FY23. Therefore, the company’s business is vulnerable to the risks associated with tariffs, regulations, and geopolitics. Lately, the US tariff hikes have increased the effective duties on HTS 8544 products up to 50%. As a result, demand in a significant market may decline. Moreover, the absence of international offices and dependence on third-party agents may also cause tender participation, business development, and customer service capacity to slow down.

About KSH International Limited

Incorporated in 1981, KSH International is one of the largest manufacturers of magnet winding wires, a critical component in capital goods such as transformers, motors, alternators and generators.

KSH International is India’s third-largest magnet winding wire manufacturer by installed capacity in FY25 and the largest exporter of magnet winding wires from India in terms of export revenues in FY25.

Over the years, the company has emerged as a multi-product manufacturer providing round and rectangular enamelled copper/aluminium magnet wires, paper-insulated wires, bunched paper-insulated conductors, and continuously transposed conductors. These products are used in various end-use industries such as power (generation, transmission and distribution), renewables, industrials, railways, automotives (EV and ICE), home appliances, refrigeration and air conditioning.

As of June 30, 2025, the company operates three manufacturing facilities at Chakan (Pune) and Taloja (Raigad) with an aggregate annual installed capacity of 29,045 MT, and has commenced phase I operations at its fourth facility in Supa, Ahilyanagar, from September 2025. The production is concentrated at Chakan Unit 2, which accounted for 60.92% of sales volume in Q1FY26, followed by Unit 3 at 25.64% and Taloja at 13.45%. Capacity utilisation stood at 85.85% during Q1FY26, supported by high utilisation in speciality winding wires at Chakan Unit 2 at 87.78% and Taloja at 84.70%.

The company exports its goods in 24 countries, including the USA, UAE, Kuwait, Romania, Saudi Arabia, Germany, Oman, Spain, Bangladesh, and Japan. Exports formed 30.50% of revenue from operations for Q1FY26, with the top five export destinations accounting for 21.95%. It has resident sales networks throughout India, Brazil, North America, and Europe for better participation in customer engagement and technical support.

KSH International provided services to 93 clients for Q1FY26, and has established long-term relations with large global and domestic OEMs such as Bharat Bijlee, BHEL, GE Vernova T&D India, Hitachi Energy India, Siemens Energy India, Nidec Industrial Automation, CG Power, TBEA, Meidensha Corporation, Transformers & Rectifiers India, and Toshiba Transmission & Distribution Systems (India). For FY25, revenue generated from repeat customers accounted for 94.54% of operating revenue.

Its product quality and reliability are approved through various prestigious institutional approvals: PGCIL for PICC and CTC up to 765 kV, NTPC for CTC supply, NPCIL for CTC up to 220 kV, and RDSO for supplying conductors for 3-phase drive locomotive transformers. All major manufacturing units are certified under ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and IATF 16949:2016. Its R&D and new-product development teams interact closely with OEMs to design customised winding wire solutions. In addition to a series of specialised enamelled round wires and rectangular EV-grade conductors aimed at traction motors and AC/compressor applications.

India's wires and cables market is expanding. The overall valuation was $19.68 billion in CY24 and is estimated to reach $29.85 billion by CY28, growing at a CAGR of 6.08% from CY19 to CY24. At the same time, the Indian EV market is projected to grow from $3.2 billion in 2022 to $113.9 billion by 2029 (CAGR ~66.6%), thus increasing the demand for high-performance wires. The company’s strategic emphasis on premium transformer and EV/AC/BLDC motor segments, increased utilisation of its new Supa facility, and positioning under the China-Plus-One supply chain shift positions it to capture significant revenue and margin expansion in these high-growth markets. The company is focused on higher-value, critical products, high-value segments, and launching new products. It intends to increase its presence in international markets and expand its global reach, while continuing to focus on improving operating efficiencies through scale and backward integration.

Now, KSH International Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹420 crore and an offer for sale of ₹290 crore. The total issue size of the IPO is ₹710 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the KSH International IPO?

You can pre-apply for the KSH International IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.

Follow these steps to pre-apply for the IPO:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘KSH International IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Pre-Apply’
Accept the mandate on your UPI app

How to apply for the KSH International IPO?

If you are interested in this investment opportunity but unsure how to apply for the KSH International IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the KSH International IPO on Upstox:

Log in to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘KSH International IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

How to check KSH International IPO Allotment Status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.

Here’s a step-by-step guide on how to check the KSH International IPO allotment status:

Login to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, you will find the ‘View all’ option
Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
In the ‘IPO’ tab, click on ‘My applications’
In ‘My applications’, under the History section, your KSH International IPO allotment status will be mentioned

IPO Analysis

IPO REVIEW

KSH International IPO | Analysis Video

KSH International IPO

Should you apply?

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KSH International IPO Subscription Status

Date	QIB	NII	Retail	Total
16-Dec-25	0.0 times (X)	0.06 times (X)	0.27 times (X)	0.15 times (X)
17-Dec-25	0.0X	0.13X	0.47X	0.26X
18-Dec-25	0.31X	0.41X	0.84X	0.81X

Latest News on KSH International IPO

KSH International IPO: The initial share sale seeks to raise ₹710 crore by offering new shares worth ₹420 crore and an offer for sale (OFS) of ₹290 crore by promoters Kushal Subbayya Hegde, Rajesh Kushal Hegde, Pushpa Kushal Hegde and Rohit Kushal Hegde.

3 min read

KSH International, a Pune-based magnet winding wires manufacturer, has filed its IPO papers with Sebi to raise ₹745 crore. The IPO includes a fresh issue of ₹420 crore and an OFS of ₹325 crore. Proceeds will be used to repay debt, expand facilities, and set up a solar plant. The company, operating three manufacturing units with a fourth upcoming, reported revenue of ₹1,382.82 crore.

KSH International IPO: The ₹710 crore initial share sale is a fresh issuance of shares aggregating to ₹420 crore and an offer for sale of ₹290 crore by promoters Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rohit Kushal Hegde and Rajesh Kushal Hegde.

3 min read

KSH International IPO is a mix of a fresh issue of shares aggregating to ₹420 crore and an offer-for-sale (OFS) of ₹290 crore by promoters Kushal Subbayya Hegde, Rajesh Kushal Hegde, Pushpa Kushal Hegde and Rohit Kushal Hegde.

3 min read

KSH International IPO, with a price band of ₹365 to ₹384 per share, is a fresh issuance of equity shares totalling ₹420 crore and an offer for sale (OFS) of shares worth ₹290 crore, taking the total issue size to ₹710 crore.

3 min read

KSH International IPO allotment finalised: The ₹710 crore initial public offering, with a price band of ₹365 to ₹384 per equity share, was a combination of fresh issuance of shares valued at ₹420 crore and an offer-for-sale of stocks totalling ₹290 crore by promoters.

3 min read

Frequently asked questions

How to invest in the KSH International IPO ?

Investors can apply for the KSH International IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of KSH International IPO ?

The issue size of the KSH International IPO is 710 Cr.

What is 'pre-apply' for KSH International IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will KSH International IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.