Price band of Rs 365 – Rs 384 per Equity Share bearing face value of Rs 5 each (“Equity Shares”)
Bid/Offer Opening Date – Tuesday, December 16, 2025 and Bid/Offer Closing Date – Thursday, December 18, 2025.
Minimum Bid Lot is 39 Equity Shares and in multiples of 39 Equity Shares thereafter
Mumbai, December 11, 2025 ( TGN ): KSH International Ltd has fixed the price band of Rs 365 /- to Rs 384 /- per Equity Share of face value ₹ 5/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Tuesday, December 16, 2025, for subscription and close on Thursday, December 18, 2025.
Investors can bid for a minimum of 39 Equity Shares and in multiples of 39 Equity Shares thereafter.
The IPO is a fresh issue of Rs 420 crore and an offer-for-sale for up to Rs 290 crore by promoters – Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde and Rohit Kushal Hegde.
The Company is the third largest manufacturer of magnet winding wires in India in terms of production capacity in Fiscal 2025 (source – CARE Report).
It is also the largest exporter of magnet winding wires from India in terms of export revenues in Fiscal 2025 (source – CARE Report). The Company commenced its operations in 1981 by manufacturing magnet winding wires in Taloja, Raigad, Maharashtra, and over the last four decades it has diversified its operations to include manufacturing various types of standard and specialized magnet winding wires, which are tailored to customer specific requirements.
Its key products include round enamelled copper/ aluminium magnet winding wires, paper insulted rectangular copper/ aluminium magnet winding wires, continuously transposed conductors, rectangular enamelled copper/ aluminium magnet winding wires and bunched paper insulated copper magnet winding wires. The Company’s products are critical components of capital goods like transformers, motors, alternators and generators.
The Company markets and sells its products through its brand ‘KSH’. Its products are also used in Extra High Voltage Transformers (HVDC, 765Kv), Wind Mill Generators, Locomotive Transformers, Electric Vehicle Traction Motors and Compressors for Air Conditioning and Refrigeration.
The Company had 122, 117 and 117 customers during financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. Further, during the three-month period ended June 30, 2025, it invoiced 93 customers. The Company’s key customers are primarily OEMs, and include, Bharat Bijlee Limited, Bharat Heavy Electricals Limited, Georgia Transformer Corporation, Hitachi Energy India Limited, Siemens Energy India Limited and GE Vernova T&D India Limited.
It is an approved supplier of insulated rectangular wires and CTC for certain entities, used in high voltage direct current (HVDC), 765 kV extra high voltage (EHV) transformers and reactors.
The Company’s revenue from operations was Rs 5,587.1 million during June 2025 quarter and its net profit was Rs 226 million. The Company’s revenue from operations was Rs 19,282.9 million during FY 25 vis-à-vis Rs 10,494.60 million during FY 23.
The Company’s net profit was Rs 679.88 million during FY25 vis-à-vis Rs 266.13 million during FY23.
Nuvama Wealth Management Limited and ICICI Securities Limited are the book-running lead managers to the Offer and MUFG Intime India Limited (formerly Link Intime India Private Limited) is the registrar of the offer.
The Offer is being made through the book-building process, wherein not more than 50% of the Offer shall be to Qualified Institutional Buyers, of which upto 60% shall be allocated to the Anchor Investors, and not more than 15% and 35% of the Offer shall be allocated to Non-Institutional Investors and Retail Individual Investors, respectively.
KSH International Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus (RHP) dated December 10, 2025, with the Registrar of Companies, Maharashtra at Pune and thereafter with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange Limited of India. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e. Nuvama Wealth Management Limited at www.nuvama.com and ICICI Securities Limited at www.icicisecurities.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.kshinternational.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the Draft Red Herring Prospectus dated May 22, 2025 for making any investment decision but should only rely on the information included in the Red Herring Prospectus (RHP) filed by the Company.
The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the Offer are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
