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Ahead of the listing, KSH International has reduced the size of its initial public offering to ₹644.4 crore from ₹710 crore earlier. The move was made to meet the minimum 90% subscription requirement, as outlined in the final prospectus filed with the exchanges.
Under market regulations, companies must ensure at least 90% subscription to proceed with a public issue. To achieve this, issuers are allowed to reduce the offer for sale (OFS) size, extend the subscription period, or cut the price band.
Failure to take any of these steps would result in cancellation of the issue and a full refund to investors.
KSH International chose to reduce the OFS portion. The OFS has been cut to ₹224.4 crore from ₹290 crore earlier, while the fresh issue has been kept unchanged at ₹420 crore. Following this revision, the overall subscription crossed the 90% threshold.
With the revised structure, the public issue consists of a fresh issue of shares worth ₹420 crore and an OFS of ₹224.4 crore by promoters. The shares were priced at the upper end of the price band at ₹384 per share.
Ahead of listing, the grey market premium for KSH International remains flat.
Market tracking platforms indicate that the shares are trading without any premium in the unregulated market.
The public issue opened for subscription on December 16 and closed on December 18, with overall bidding reaching 83% at the close.
The portion reserved for qualified institutional buyers was fully subscribed. The non institutional investor segment saw 42% subscription, while the retail investor category was subscribed 86%.
Proceeds from the fresh issue will be used to repay debt, install new machinery for expansion at the Supa facility, and purchase and install equipment at the Chakan facility in Maharashtra.
A part of the funds will also be allocated towards setting up a rooftop solar power plant at the Supa facility and for general corporate purposes.
KSH International is among India’s leading manufacturers of magnet winding wires.
According to a CARE report, the company is expected to emerge as the country’s largest exporter in this segment by export revenue in financial year 2025.
The company began operations in 1981 with a manufacturing facility in Taloja, Raigad district of Maharashtra.
Over the years, it has expanded its product portfolio to include a wide range of standard and specialised magnet winding wires, tailored to meet specific customer requirements.
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