Kanohar Electricals IPO: Issue subscribed over 10x on day 2; check category wise updates

The domestic transformer manufacturing firm Kanohar Electricals’ initial public offering (IPO) continues to see strong demand on the second day of subscription, with a total booking of 10.22 times on Wednesday, September 9.

Until 5 PM, the initial share sale of the company had received bids for over 11.95 crore shares as compared to 1.16 shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 19.22 times, while the retail individual investor (RII) segment saw a 8.49 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 6.5 times.

The IPO is a book-built issue comprising a fresh issue of ₹300 crore and an offer for sale (OFS) of ₹756 crore. The price band has been fixed at ₹601 to ₹632 per share.

The 1,056-crore IPO has a minimum lot size of 23 shares, and the investor would have to apply for a minimum of 1 lot.

Ahead of the IPO, Kanohar Electricals had raised ₹317 crore from anchor investors. The company had allocated 50.11 lakh equity shares at ₹632 per share to anchor investors, comprising 42 funds.

Some of the institutions that participated in the anchor round include ICICI Prudential Mutual Fund, Ashoka Whiteoak Emerging Markets Equity Fund, Allianz Global Investors Fund, HSBC Global Investment Funds, HDFC Life Insurance Company, Kotak Mutual Fund and Mirae Asset Mutual Fund and Motilal Oswal Mutual Fund.

Kanohar Electricals IPO Objective

The money raised from the IPO will be used towards the following objectives:

Kanohar Electricals IPO: Allotment and listing date

About the company

Kanohar Electricals is one of the top domestic transformer manufacturers by revenue in FY26, serving high-growth industries such as power transmission, railways, renewable energy, and power distribution. The company operates in two business segments—Transformer Manufacturing Business and the EPC Business.

As of March 31, 2026, Kanohar Electricals is among the five companies in India that have received short-circuit test certification for 500 MVA 400 kV transformers used in the power transmission industry and have carried out testing on more than 200 ratings. 

Furthermore, the company is one of the four Indian manufacturers to be certified by RDSO to manufacture 100 MVA 132 kV Scott transformers and one of the two companies to manufacture 100 MVA 220 kV Scott transformers for Indian Railways.

The company produces five categories of transformers, including power transformers, traction transformers, Scott transformers, shunt reactors and distribution transformers. As of FY26, the order book of the company amounted to ₹1,818.3 crore, as against ₹861.47 crore in FY25 and ₹595.85 crore in FY24.