KSH International IPO

The KSH International IPO issue size is ₹710 crores, comprising a fresh issue of 1.09 crore equity shares (₹420 crores) and an offer for sale of 75.52 lakh equity shares ₹290 crores.

It is a book-built mainboard IPO with a price band of ₹365 - ₹384 per share with a face value of ₹5. The issue will open on 16 December 2025 and closes on 18 December 2025, with the basis of allotment expected on 19 December 2025. The shares are to be listed on the BSE and NSE on 23 December 2025.

KSH International Ltd. is coming with its Initial Public Offering (IPO) on the BSE and NSE mainboard platforms.

It is a leading manufacturer of magnet winding wires. KSH has established a strong position in the electrical components sector. Moreover, it serves in diverse industries with high-quality enameled copper and aluminium wires.

Company Background

KSH International Ltd. was established in 1981 and incorporated in 1979. It is a leading Indian manufacturer of magnets, winding wires and Continuously Transposed Conductors (CTC).

It serves as a major market player in power, electrical and automotive OEMs globally, with customized solutions from plants near Mumbai/Pune. They are one of the top Indian manufacturers and the largest exporter in their segment. It specializes in producing products such as enamelled copper/aluminum wires, paper-insulated wires and CTCs for generators, motors, EVs and appliances. Its products are exported to the US, the Middle East and Europe.

Operations and Product Range

Facility Operation

KSH International Limited operates four manufacturing facilities in Maharashtra, India, with a combined annual capacity of 29,045 MT as of late 2024, focusing on insulated magnet winding wires and conductors. These plants feature state-of-the-art machinery, advanced testing equipment and compliance with ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and IATF 16949:2016 standards to ensure precision production and customer-specific customization.

Product Range and Market Presence

The core products manufactured by it are Round enamelled copper/aluminum wires, Paper-insulated rectangular copper/aluminum wires (PICC) and Continuously Transposed Conductors (CTC), Rectangular enamelled wires and bunched paper-insulated wires. It provides customization in bespoke solutions for specific client needs

Its advances in Continuously Transposed Conductors (CTC) are a flagship offering, approved for HVDC, traction, power and resin cast transformers by bodies like RDSO, PGCIL and NTPC. Wrapped rectangular magnet winding wires provide paper or fiberglass insulation for high-voltage transformers and generators

Revenue Channels

• • Core revenue model: KSH International earns mainly from outright sales (91.7% in FY25) of magnet winding wires and conductors, with job work contributing ~7.7%. Exports form 30–32% of revenue across 24 countries.
• • Strong growth: Revenue grew from ₹1,049 crore in FY23 to ₹1,928 crore in FY25, clocking a 35.55% CAGR.
• • Diversified customer & sector base: Serves 122 OEM customers including BHEL, Siemens Energy, Hitachi Energy and Toshiba, across power T&D, automotive/EV, railways, renewables and appliances.
• • Product mix evolution: Historically driven by copper-based CTC and PICC products (~95% of profits), now expanding into aluminium variants, supported by ~25% YoY volume growth indicating capacity expansion.

Management and Shareholding

Mr. Kishorkumar S. Gupta and the Gupta family are the promoters of the KSH International IPO. They have transformed the company from a small winding wire producer into India's third-largest exporter of magnet winding wires with three manufacturing facilities and a strong OEM/export client base. The promoters have overseen capacity expansions, technological upgrades, international certifications and strategic diversification into CTC and specialty wires for power, EV and renewables sectors.

Pre-IPO, the promoter and promoter group collectively hold 75.2% of KSH International's equity share capital. Significantly, they have a strong control ahead of the public offer.

Post-IPO, their stake will reduce to approximately 55.8%, with the offer for sale enabling partial liquidity while ensuring continued promoter stewardship of the business.

Board Members

The KSH International IPO includes Mr. Kushal S. Hegde as the Chairman & Executive Director and Mr. Rajesh Hegde as Managing Director. Rohit Hegde & Rakhi Shetty are Joint Managing Directors and Whole-time Directors, respectively.

Mr. Ajay Patil, Mr. Ram Tiwariand and Mrs. Indu Jacob are all Independent Directors.