The KSH International IPO is one of the most notable mainboard public offerings in December 2025, led by a strong manufacturing story and institutional interest ahead of listing. The company produces magnet winding wires — a critical input for power generation equipment, industrial motors, transformers and electrical systems — with both domestic and export sales.
Here’s a complete deep dive for investors covering every important angle you should know before applying.
📌 KSH International IPO — Snapshot
| Feature | Details |
|---|---|
| IPO Opening Date | 16th Dec 2025 |
| IPO Closing Date | 18th Dec 2025 |
| Price Band | ₹365 – ₹384 per share |
| Issue Size | ₹710 crore |
| Fresh Issue | ₹420 crore (Expansions & debt repayment) |
| Offer For Sale (OFS) | ₹290 crore |
| Face Value | ₹5 per share |
| Lot Size | 39 shares |
| Min Investment (Retail) | ~₹14,976 (at lower band) |
| Listing Exchanges | NSE & BSE |
| Tentative Allotment | 19th Dec 2025 |
| Tentative Listing | 23rd Dec 2025 |
🏭 About KSH International
KSH International Ltd. is a Pune-based manufacturer of magnet winding wires, a vital electrical component used in:
- Transformers
- Generators
- Electric motors (industrial, railway, automotive)
- Alternators
- Renewable energy equipment
The company offers a wide product portfolio including enamelled copper & aluminium wires, paper-insulated wires, and advanced conductors. It exports to over 24 countries and has multiple production facilities in Maharashtra.
📊 Financial Performance & Growth
According to the IPO documents:
| Years | Revenue (₹ Cr) | PAT (₹ Cr) |
|---|---|---|
| FY23 | ~₹1,049.5 Cr | ~₹26.6 Cr |
| FY24 | ~₹1,382.8 Cr | ~₹37.4 Cr |
| FY25 | ~₹1,928.3 Cr | ~₹68.0 Cr |
📈 Key Financial Ratios
- EBITDA Margin (FY25): ~6.35%
- Return on Equity (RoNW FY25): ~22.77%
- EPS (FY25): ~₹11.97 per share
Growth Insights
Revenue nearly doubled in two years, with profit rising consistently — indicating operational strength and scalability in manufacturing.
💡 Why Investors Are Watching This IPO
1. 🏆 Industry Leadership
KSH is among India’s largest magnet winding wire manufacturers by capacity and a significant exporter in the segment.
2. 📍 Strong Client & Sector Presence
Products are critical for:
- Power transmission
- Electrical infrastructure
- Renewable energy
- Railways & industrial applications
These are long-duration sectors with stable demand.
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3. 💰 Growth With Profitability
Unlike many tech or consumer IPOs, KSH has profit growth and positive PAT, a key differentiator for fundamental investors.
📜 Use of IPO Proceeds
The company plans to deploy funds for:
- Debt repayment/prepayment (~₹225.98 Cr)
- Capacity expansion machinery (~₹87.02 Cr)
- Setting up rooftop solar plant (~₹8.83 Cr)
- General corporate purposes
Debt reduction improves balance sheet stability, while capacity expansion supports future growth.
📈 Subscription & GMP (Market Sentiment)
- On Day 1, the issue subscribed about 0.14–0.15× overall (retail demand weaker)
- On Day 2, subscription improved to 0.21× overall
- GMP (Grey Market Premium) has inched up modestly, reflecting cautious investor sentiment.
👉 Early subscription and GMP trends suggest underwhelming initial demand, but it’s still early in the bidding window.
✅ Pros: What Makes This IPO Attractive
✔ Consistent revenue & profit growth
✔ Products used across resilient industrial sectors
✔ Export diversification (~24 countries)
✔ Fresh capital for expansion + reducing debt
✔ Listing on both NSE & BSE increases liquidity
⚠️ Cons & Risks Investors Must Consider
❌ Low initial subscription — suggests weak retail interest so far.
❌ Earnings margins are modest — ~6–7% EBITDA.
❌ Operating cash flow turned negative in FY25, even with revenue growth.
❌ Raw material and customer concentration risks can impact margins.
❌ Macro slowdown or industrial capex cuts may reduce demand.
📌 Valuation Angles (What Investors Should Check)
Before applying, evaluate:
- P/E relative to peers in wire & cable manufacturing
- Profit margins vs listed manufacturers
- Impact of debt reduction on margins
- Sales mix between domestic & export markets
These metrics help decide if the IPO price band aligns with underlying fundamentals.
🧠 Should You Apply?
Long-Term Investors:
KSH International could be attractive if you believe in:
- India’s industrial growth
- Power infrastructure expansion
- Export competitiveness
Short-Term / Listing Gain Seekers:
Early subscription and GMP don’t yet indicate strong listing upside — so exercise caution.
🗓️ Key Dates (Quick Reference)
- IPO Opens: 16 Dec 2025
- IPO Closes: 18 Dec 2025
- Allotment: 19 Dec 2025 (Tentative)
- Listing: 23 Dec 2025 (Tentative)
📊 Quick IPO Snapshot
| Feature | Details |
|---|---|
| Issue Size | ₹710 Cr |
| Price Band | ₹365–384 |
| Lot Size | 39 Shares |
| Retail Min | ~₹14,976 |
| Exchanges | NSE & BSE |
| Use of Funds | Expansion + Debt Repayment |
📍 Final Verdict
KSH International IPO offers a fundamentally strong manufacturing story with revenue and profit growth backed by expanding capacity and diversified sales. However, early subscription and investor sentiment remain subdued, and margins are moderate.
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👉 This IPO may suit longer-term investors who value industrial scale and structural demand.
👉 But cautious investors should closely review the prospectus financials and valuation metrics before committing.