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KSH International IPO
0.81xsubscribed

KSH International IPO

Electric Equipment
listed
₹14,235Min. investment

KSH International Limited IPO Details

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 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

As on 16-Dec-25, 5:30 PM

KSH International IPO Timeline

  1. Pre-apply
    15 Dec 2025
  2. Bid start
    16 Dec 2025
  3. Bid end
    18 Dec 2025
  4. Allotment
    19 Dec 2025
  5. Release of funds
    22 Dec 2025
  6. Demat transfer
    22 Dec 2025
  7. Listing
    23 Dec 2025

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

Ksh International Limited IPO Analysis

IPO REVIEW

KSH International IPO | Analysis Video

Should you apply?

Watch our analysts break down the Ksh International Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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

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.

Objectives of Ksh International Limited IPO

Repayment of borrowings
53.80%
The company will use ₹225.98 crore towards pre-payment in full or part of certain borrowings.
General corporate purposes
23.30%
IPO funds cover general corporate needs and unannounced acquisitions
Purchase new machinery
20.70%
₹87.01 crore will be used to buy new machinery for expansion at the Supa and Chakan plants.
Capex for solar power plant
2.10%
₹8.83 crore will be used to purchase and set up a rooftop solar power plant at the Supa Facility.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,928.2Cr35.55%₹67.9Cr₹2,601Cr32.081.17
This sector (avg.)₹1,165.91Cr0%₹116.9Cr₹10,304.95Cr99.840.59
₹12,188.31Cr---₹1,874.61Cr₹1,18,213.1Cr66.900.01
₹17,364.2Cr---₹1,688.8Cr₹1,10,443.7Cr65.400.01
₹9,908.66Cr---₹972.98Cr₹91,981.6Cr81.420.01

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

KSH International IPO Contact Details

Company NameKSH International Limited

How to apply for KSH International IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Ksh International Limited IPO FAQs