KSH International IPO Update: 34% Subscribed So Far, Should You Apply?

The KSH International IPO, for a magnet winding wire manufacturer, saw a modest response on its final day, with just 34% subscription. Retail investors subscribed 0.60 times, while institutional interest remained low.

The KSH International IPO, a prominent manufacturer of magnet winding wires, has entered its final day of subscription on Thursday (December 18). Investors can apply until 5 pm. So far, the IPO has seen a modest response, with most investor interest concentrated in specific segments rather than across the board.

IPO Subscription Status

As per BSE data, the IPO has been subscribed 34% so far, with around 45.75 lakh shares bid against the total offer of 1.36 crore shares.

Retail investors: 0.60 times

Non-institutional investors (NII): 0.17 times

Qualified Institutional Buyers (QIB): No bids yet

The subscription numbers indicate that investor enthusiasm has remained moderate, following 26% subscription on the second day.

Grey Market Premium Falls

The grey market premium (GMP) of the IPO has dropped to Rs 0 on Thursday, down from Rs 6 earlier. This suggests that the expected listing price may hover around the issue price of Rs 384, with little extra premium being anticipated in the grey market.

About KSH International

Founded in 1981, KSH International has grown into a trusted brand in the magnet winding wires industry. The company caters to marquee clients and exports its products to 24 countries, establishing a strong presence both domestically and internationally.

Expert Opinions on the IPO

Analysts have provided mixed views on KSH International:

• SBI Securities: Gave a neutral rating, stating the IPO is fairly priced at the upper band of Rs 384. They noted that repayment of Rs 226 crore in debt using IPO proceeds could boost profitability by Rs 10–13 crore.
• Angel One: Provided a positive outlook, highlighting the company’s leadership in the magnet winding wires market, strong earnings growth, and potential from power, renewables, EV, and industrial sectors. They recommended the IPO for medium- to long-term investors with a "Subscribe" rating.

At the upper price band, the IPO is priced at a post-issue P/E of 28.68x.

IPO Details

• Total issue size: Rs 710 crore
• Fresh issue: Rs 420 crore
• Offer for Sale (OFS): Rs 290 crore
• Price band: Rs 365–Rs 384 per share
• Lot size: 39 shares

Proceeds from the fresh issue will be used to reduce debt, expand machinery at Supa and Chakan facilities, install a rooftop solar plant at Supa, and support general corporate purposes.

Allotment and Listing

The allotment is expected on Friday, December 19, and the shares are tentatively scheduled to list on BSE and NSE on December 23.