KSH International Ltd IPO
Non Ferrous Metals
Price Band
₹365 – ₹384
Lot Size
39
Minimum Bid Quantity
39
Minimum Investment
₹14976
Issue Size
₹710Cr
Opens
2025-12-16
Closes
2025-12-18
Listing
23-12-2025
Subscription Status
Qualified Institutional Buyers
1.06 x
Non-Institutional Investor
0.41 x
Retail Individual Investor
0.82 x
Total
0.8 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE987S01020
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
KSH International is an Indian manufacturer of magnet winding wires used in transformers, motors, alternators, and generators across multiple industrial and power applications. The company produces standard and specialised magnet winding wires, including round enamelled copper and aluminium wires, paper-insulated rectangular copper and aluminium wires, rectangular enamelled copper and aluminium wires, continuously transposed conductors (CTC), and bunched paper-insulated copper wires. Its products are supplied mainly to OEM customers in sectors such as power generation, transmission and distribution, renewables, railways, automotive (EV and ICE), industrial equipment, home appliances, refrigeration and air conditioning, and as of June 30, 2025, are exported to 24 countries, including the USA, UAE, Germany, Japan, and others. KSH International operates three manufacturing facilities in Maharashtra: two in Chakan, Pune, and one in Taloja, Raigad, and has commenced operations at a fourth facility in Supa, Ahilyanagar, Maharashtra.
Pros
- • KSH International claims to be one of the leading manufacturers of magnet winding wires in India, having started operations in 1981 in Taloja, Raigad, Maharashtra. Over the years, it has diversified from manufacturing a single type of magnet winding wire to producing various standard and specialised magnet winding wires tailored to customer-specific requirements.
- • KSH International operates large magnet winding wire manufacturing facilities and, according to a CARE report, was the third-largest manufacturer in India by production capacity in FY25. As of June 30, 2025, it has three facilities, two in Chakan, Pune, and one in Taloja, Raigad, with a combined annual installed capacity of 29,045 MT, and it has commenced Phase I operations at a fourth facility in Supa, Ahilyanagar, in September 2025. The plants are located near Jawaharlal Nehru Port in Navi Mumbai, which the company claims supports logistics and cost efficiency.
- • The company’s facilities are ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 certified for occupational health and safety management, and hold IATF 16949:2016 certification.
Cons
- • The top 10 customers accounted for Rs 301.55 crore (53.97 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,013.03 crore (52.54 percent) in FY25; Rs 789.60 crore (57.10 percent) in FY24; and Rs 619.10 crore (58.99 percent) in FY23. Any failure to retain these key customers, any material reduction in business from them, or an inability to diversify the customer base could adversely affect the company’s business, results of operations, financial condition, and cash flows.
- • The top supplier accounted for Rs 211.97 crore (41.41 percent) of the company’s total cost of raw materials and components purchased for the period ended June 30, 2025; Rs 861.58 crore (48.07 percent) in FY25; Rs 851.87 crore (67.86 percent) in FY24; and Rs 584.52 crore (61.86 percent) in FY23. The company works largely on purchase-order-based arrangements with this vendor for copper, aluminium, enamel, and paper, so any disruption in supply, pricing pressure, or inability to renew or replace this relationship on acceptable terms could adversely affect its production schedules, costs, and overall business and financial performance.
- • The cost of materials consumed accounted for Rs 509.44 crore (96.29 percent) of the company’s total expenses for the period ended June 30, 2025; Rs 1,741.82 crore (94.27 percent) in FY25; Rs 1,251.41 crore (93.40 percent) in FY24; and Rs 944.96 crore (92.54 percent) in FY23. Any significant increase or volatility in the prices of these raw materials that the company is unable to fully pass on to customers could adversely impact its pricing, margins and business.
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