In late 2025, India’s IPO market continues to witness strong activity as companies across manufacturing, technology, and industrial sectors tap the capital markets. The steady fundraising momentum and sustained retail participation highlight renewed confidence in the broader economy. With several offerings lined up across infrastructure, renewables, and specialised manufacturing, investor interest remains robust.
Amid this environment, KSH International Ltd is set to open its IPO on 16 December 2025. Here is a detailed look at the company, its IPO structure, and the industry outlook.
About KSH International Ltd.
Founded in 1979, KSH International Limited is the third-largest manufacturer and the largest exporter of magnet winding wires in India. Operating under the ‘KSH’ brand, the company supplies critical components to OEMs across power, renewables, railways, automotive, and industrial applications.
Its product portfolio includes:
- Round enamelled copper and aluminium magnet winding wires
- Paper-insulated rectangular magnet winding wires
- Continuously transposed conductors
- Bunched paper-insulated copper magnet winding wires
KSH International is an approved supplier to leading Indian and global entities such as PGCIL, NTPC, NPCIL, and RDSO, and exports to 24 countries, including the USA, Germany, Japan, and the UAE.
The company operates three manufacturing facilities in Maharashtra (Taloja and Chakan), with a combined annual capacity of 29,045 MT. A fourth facility is being developed in Supa, Ahilyanagar, scheduled to begin operations in Fiscal 2026. KSH International also maintains in-house R&D capabilities and holds key certifications such as ISO 9001, ISO 14001, ISO 45001, and IATF 16949.
As of June 30, 2025, the company employs 157 full-time staff members.
KSH International IPO Details
KSH International plans to raise ₹710 crore through a mix of:
- Fresh Issue: 1.09 crore shares (₹420 crore)
- Offer for Sale (OFS): 0.76 crore shares (₹290 crore)
The IPO funds will be used for:
- Repayment of borrowings: ₹225.98 crore
- Purchase and setup of machinery at two plants: ₹87.02 crore
- Rooftop solar installation at the Supa facility: ₹8.83 crore
- General corporate purposes
Key IPO Details
| Particulars | Details |
| IPO Date | 16 Dec to 18 Dec 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹365 to ₹384 |
| Lot Size | 39 shares |
| Issue Type | Bookbuilding IPO |
| Total Issue Size | 1,84,89,583 shares (₹710 crore) |
| Fresh Issue | 1,09,37,500 shares (₹420 crore) |
| Offer for Sale | 75,52,083 shares (₹290 crore) |
| Listing | BSE, NSE |
| Pre-Issue Shareholding | 5,68,18,200 shares |
| Post-Issue Shareholding | 6,77,55,700 shares |
| Lead Manager | Nuvama Wealth Management Ltd |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | 16 Dec 2025 |
| IPO Close Date | 18 Dec 2025 |
| Allotment Date (Tentative) | 19 Dec 2025 |
| Initiation of Refunds | 22 Dec 2025 |
| Credit of Shares to Demat | 22 Dec 2025 |
| Listing Date (Tentative) | 23 Dec 2025 |
| Cut-off Time for UPI Confirmation | 5 PM on 18 Dec 2025 |
KSH International IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer size |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
KSH International IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 39 | ₹14,976 |
| Retail (Max) | 13 | 507 | ₹1,94,688 |
| S-HNI (Min) | 14 | 546 | ₹2,09,664 |
| S-HNI (Max) | 66 | 2,574 | ₹9,88,416 |
| B-HNI (Min) | 67 | 2,613 | ₹10,03,392 |
KSH International Financials
KSH International has delivered steady growth, with revenue rising 39% and PAT increasing 82% from FY24 to FY25.
Key Company Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 793.28 | 744.91 | 482.71 | 359.18 |
| Total Income | 562.60 | 1,938.19 | 1,390.50 | 1,056.60 |
| Profit After Tax | 22.68 | 67.99 | 37.35 | 26.61 |
| EBITDA | 40.28 | 122.53 | 71.46 | 49.90 |
| Net Worth | 321.47 | 298.55 | 230.95 | 193.66 |
| Reserves and Surplus | 293.07 | 270.14 | 225.26 | 187.97 |
| Total Borrowing | 379.39 | 360.05 | 206.81 | 120.35 |
(All figures in ₹ crore)
Key Performance Indicators
| KPI | Value |
| ROE | 22.77% |
| ROCE | 16.60% |
| Debt to Equity | 1.17 |
| RoNW | 22.77% |
| PAT Margin | 3.51% |
| Price to Book Value | 7.31 |
| EBITDA Margin | 6.35% |
| Market Cap (Pre-IPO) | ₹2,601.82 Cr |
Valuation (EPS & P/E Ratio)
| Pre-IPO | Post-IPO | |
| EPS (₹) | 11.97 | 13.39 |
| P/E (x) | 32.09 | 28.68 |
| Promoter Holding | 98.40% | 71.37% |
Objects of the Issue
| S.No. | Objects of the Issue | Estimated Amount (₹ in Cr.) |
| 1 | Repayment of certain company borrowings | 225.98 |
| 2 | Purchase and setup of new machinery at 2 plants | 87.02 |
| 3 | Purchase and setup of a rooftop solar power plant for power generation at the Supa Facility | 8.83 |
| 4 | General corporate purposes | — |
KSH International: Industry Outlook
- Magnet winding wires are critical components in transformers, motors, EVs, and renewable systems, all of which are experiencing strong demand growth.
- India’s power infrastructure expansion, renewable capacity addition, and railway modernisation are driving demand for high-quality magnet wire products.
- Global supply chain diversification trends are creating export opportunities for Indian manufacturers.
- With increasing investments in electrification and industrial automation, companies with manufacturing scale and technical expertise are well-positioned to grow.
- KSH International’s upcoming Supa plant and solar power initiative support capacity expansion and sustainability goals.
KSH International IPO: Peer Comparison
KSH International IPO can be compared with industry peers such as Precision Wires India Ltd, Ram Ratna Wires Ltd, Dynamic Cables Ltd, Apar Industries Ltd, and V-Marc India Ltd. Exploring these companies provides investors with a clearer understanding of KSH International’s standing in the magnet winding wire and electrical conductors segment, helping them make more informed investment decisions.
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Conclusion
KSH International Ltd. presents an interesting opportunity for investors seeking exposure to a specialised manufacturing segment with strong long-term demand drivers. The company has a wide product range, approvals from major government and private organisations, and an expanding global footprint. Its financial performance shows consistent growth and improving profitability.
However, prospective investors should weigh risks such as rising raw material costs, dependence on specific industries for demand, and moderate but increasing debt levels.
Overall, the KSH International IPO may appeal to investors looking for a business with established credibility, expanding capacity, and a stable customer base in essential sectors.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
