{"id":6126,"date":"2025-12-15T10:22:13","date_gmt":"2025-12-15T10:22:13","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=6126"},"modified":"2025-12-15T10:22:13","modified_gmt":"2025-12-15T10:22:13","slug":"ksh-international-ipo-review-strengths-risks-and-what-the-numbers-reveal","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/ksh-international-ipo-review-strengths-risks-and-what-the-numbers-reveal\/","title":{"rendered":"KSH International IPO Review: Strengths, Risks &#038; What the Numbers Reveal"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">KSH International Limited, a manufacturer and exporter of magnet winding wires, is coming up with its \u20b9710.00 crore IPO, comprising a fresh issue of \u20b9420.00 crore and an offer for sale (OFS) of \u20b9290.00 crore. The IPO opens for subscription on December 16, 2025 and closes on December 18, 2025, with listing proposed on BSE and NSE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Incorporated in 1979, KSH International operates under the \u201cKSH\u201d brand and supplies magnet winding wire products to OEMs across sectors such as power, renewables, railways, automotive, and industrials. The company has both domestic and international customers and exports to multiple geographies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The sections below outline the company\u2019s operations, financial performance, and key IPO details as disclosed in the RHP.<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<\/span><\/i><b><i>Source:<\/i><\/b><i><span style=\"font-weight: 400;\"> Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><b>Company Overview<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">KSH International Limited manufactures and supplies magnet winding wires used in electrical equipment and industrial applications.<\/span><\/p>\n<h3><b>Key Product Portfolio<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Round enamelled copper and aluminium magnet winding wires<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rectangular enamelled copper and aluminium magnet winding wires<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paper insulated rectangular copper and aluminium magnet winding wires<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Continuously transposed conductors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bunched paper insulated copper magnet winding wires<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The company supplies to OEMs across power, renewable energy, railways, automotive, and industrial segments.<\/span><\/p>\n<p><b>As of June 30, 2025, KSH International had:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Three manufacturing facilities in Maharashtra (Taloja and Chakan)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Installed capacity of 29,045 MT per annum<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A fourth facility under development at Supa, Ahilyanagar (expected in FY26)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">157 full-time employees<\/span><\/li>\n<\/ul>\n<h2><b>Industry Context<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The demand for magnet winding wires is driven by:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expansion in power transmission and distribution<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Growth in renewable energy capacity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increased electrification in railways and automotive sectors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rising demand for electrical equipment and transformers<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The industry has relatively high entry barriers due to certification requirements, customer approvals, and the need for consistent product quality and reliability.<\/span><\/p>\n<h2><b>Business Strengths<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Established Manufacturing Capabilities:<\/b><span style=\"font-weight: 400;\"> Multiple facilities with advanced manufacturing processes and certifications.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diversified Customer Base:<\/b><span style=\"font-weight: 400;\"> Approved supplier to major public and private sector entities including PGCIL, NTPC, NPCIL, and RDSO, with exports to 24 countries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Export Presence:<\/b><span style=\"font-weight: 400;\"> Exports to markets such as the USA, Germany, UAE, and Japan, supporting revenue diversification.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Certifications and Accreditations:<\/b><span style=\"font-weight: 400;\"> Holds certifications including ISO 9001, ISO 14001, ISO 45001, and IATF 16949.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Experienced Promoters and Management:<\/b><span style=\"font-weight: 400;\"> Long operating history with industry experience since 1979.<\/span><\/li>\n<\/ul>\n<h2><b>Financial Performance<\/b><\/h2>\n<h3><b>KSH International Ltd. \u2013 Financial Summary (\u20b9 in crore)<\/b><\/h3>\n<figure class=\"wp-block-table\">\n<table style=\"border-collapse: collapse; width: 100%; text-align: left;\">\n<thead>\n<tr style=\"background-color: #f4f4f4;\">\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Period Ended<\/th>\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">30 Jun 2025<\/th>\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">31 Mar 2025<\/th>\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">31 Mar 2024<\/th>\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">31 Mar 2023<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\"><strong>Assets<\/strong><\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">793.28<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">744.91<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">482.71<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">359.18<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\"><strong>Total Income<\/strong><\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">562.6<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">1,938.19<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">1,390.50<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">1,056.60<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\"><strong>Profit After Tax<\/strong><\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">22.68<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">67.99<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">37.35<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">26.61<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h2><b>Key Ratios &amp; Metrics (as of March 31, 2025)<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA Margin: 6.35%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PAT Margin: 3.51%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Price-to-Book Value: 7.31<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">KSH International reported growth in both revenue and profitability in FY25, supported by higher volumes and improved operating performance.<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<\/span><\/i><b><i>Source:<\/i><\/b><i><span style=\"font-weight: 400;\"> RHP | Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><b>Market Outlook &amp; GMP Trends<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As of December 13, 2025, 09:59 AM, grey market indicators suggest muted investor sentiment toward the KSH International IPO. The latest GMP stands at \u20b90, indicating that the issue is currently expected to list around its upper price band of \u20b9384 per share, with no expected premium or discount on listing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on the last three grey market sessions, no major movement has been observed in the GMP, and the trend remains flat. Market participants expect this range-bound trend to continue until the listing date, barring any material change in demand or broader market conditions.<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<\/span><\/i><b><i>Source:<\/i><\/b><i><span style=\"font-weight: 400;\"> Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><b>KSH International IPO Details<\/b><\/h2>\n<figure class=\"wp-block-table\">\n<table style=\"border-collapse: collapse; width: 100%; text-align: left;\">\n<thead>\n<tr style=\"background-color: #f4f4f4;\">\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Detail<\/th>\n<th style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Information<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">IPO Dates<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Dec 16 \u2013 Dec 18, 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Price Band<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b9365 \u2013 \u20b9384 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Issue Size<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b9710.00 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Fresh Issue<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b9420.00 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Offer for Sale<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b9290.00 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Lot Size<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">39 shares<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Minimum Investment<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b914,976<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Listing Exchanges<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">BSE &amp; NSE<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Listing Date (Tentative)<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Dec 23, 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">Market Cap (Pre-IPO)<\/td>\n<td style=\"border: 1px solid #dddddd; padding: 10px; text-align: left;\">\u20b92,601.82 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The KSH International IPO offers exposure to a manufacturing business supplying magnet winding wires to multiple industrial sectors, with both domestic and export customers. The company has demonstrated revenue and profit growth, backed by capacity expansion and long-standing customer relationships.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, investors should also consider the company\u2019s leverage levels, industry cyclicality, and valuation before making an investment decision. The issue may be more suitable for medium to long-term investors who understand the electrical equipment and industrial manufacturing space.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt;\"><b><i>Disclaimer:<\/i><\/b><i><span style=\"font-weight: 400;\"> Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.<\/span><\/i><\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">Investors are requested to do their own due diligence before investing. Paytm Money Ltd SEBI Reg No. Broking \u2013 INZ000240532, Depository Participant \u2013 IN \u2013 DP \u2013 416 \u2013 2019, Depository Participant Number: CDSL \u2013 12088800, NSE (90165), BSE (6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi \u2013 110019. For complete Terms &amp; Conditions and Disclaimers visit: <\/span><\/i><a href=\"https:\/\/www.paytmmoney.com\/stocks\/policies\/terms\"><i><span style=\"font-weight: 400;\">https:\/\/www.paytmmoney.com\/stocks\/policies\/terms<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> .<\/span><\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KSH International Limited, a manufacturer and exporter of magnet winding wires, is coming up with its \u20b9710.00 crore IPO, comprising a fresh issue of \u20b9420.00 crore and an offer for sale (OFS) of \u20b9290.00 crore. The IPO opens for subscription on December 16, 2025 and closes on December 18, 2025, with listing proposed on BSE<a href=\"https:\/\/www.paytmmoney.com\/blog\/ksh-international-ipo-review-strengths-risks-and-what-the-numbers-reveal\/\">Continue reading <span class=\"sr-only\">&#8220;KSH International IPO Review: Strengths, Risks &#038; What the Numbers Reveal&#8221;<\/span><\/a><\/p>\n","protected":false},"author":27,"featured_media":6129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[212,252,251,265,266],"class_list":["post-6126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-grey-market-premium","tag-initial-public-offering","tag-ipo","tag-ksh-international-ipo","tag-ksh-international-limited"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/6126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=6126"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/6126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media\/6129"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=6126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=6126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=6126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}