KSH International Lists at Discount After Weak Subscription
- 23rd December 2025
- 11:30 AM
- 2 min read
Summary
KSH International’s shares made a subdued debut on Tuesday, listing at around a 3.5 % discount to the IPO price after lukewarm subscription in the primary market. The company trimmed its offer size before listing to meet SEBI’s 90 % subscription rule, as investor demand remained muted.Mumbai | 23 December 2025
Muted Debut on Dalal Street
Shares of KSH International listed at ₹370 per share on both the BSE and NSE, about 3.65 % below the upper price band of ₹384.
Soon after listing, the stock slipped further to an intraday low of ₹355.65 on the BSE and ₹356.15 on the NSE, indicating limited post-listing support.
The discounted debut followed a tepid IPO response and cautious grey-market trends.
IPO Size Trimmed to Meet SEBI Threshold
On Day 3, the KSH International IPO was subscribed 0.87 times, reflecting weak demand across investor categories.
To comply with SEBI’s minimum 90% subscription requirement, the company reduced its IPO size to ₹644.4 crore – trimming the offer-for-sale (OFS) to ₹224.4 crore from ₹290 crore, while keeping the ₹420-crore fresh issue unchanged.
Following this revision, the IPO achieved a final subscription of 0.98 times, including:
- Retail investors: 0.98x
- Non-Institutional Investors (NII): 0.45x
- Qualified Institutional Buyers (QIB): 1.17x
The resizing allowed the issue to cross the 90% threshold and proceed to a valid allotment and listing.
Use of Proceeds
The Pune-based manufacturer will allocate ₹226 crore from the fresh issue toward debt repayment, ₹87 crore for new machinery and expansion at its Supa and Chakan facilities, and ₹8.8 crore to install a rooftop solar plant at the Supa unit.
The remaining ₹76.9 crore will be used for general corporate purposes, according to the final prospectus.
About KSH International
KSH International Ltd. manufactures magnet winding wires used in transformers, motors, alternators and other electrical equipment.
Headquartered in Maharashtra, it operates multiple facilities and exports to over 25 countries, including the US, UAE and Germany.
Its products cater to power, automotive, renewables and industrial sectors, aligning with India’s expanding energy-infrastructure ecosystem.
Investor Takeaway
The discounted listing underlines selective investor participation in the ongoing IPO season and underscores valuation caution in industrial names.
Analysts expect the stock’s near-term performance to hinge on broader market sentiment, secondary-market liquidity and post-listing institutional interest.
Follow post-listing performance, key metrics and market trends – continue your investment journey with PL Capital.
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