KSH International Limited Makes Weak Debut with 3.65% Decline, Lists at ₹370.00 Against Poor Subscription

KSH International Limited, incorporated in 1979 as third-largest manufacturer and largest exporter of magnet winding wires in India operating under KSH brand supplying to OEMs across power, renewables, railways, automotive, and industrial sectors offering round enamelled copper and aluminum wires, paper insulated rectangular wires, continuously transposed conductors, and bunched paper insulated wires serving PGCIL, NTPC, NPCIL, and RDSO exporting to 24 countries, made a weak debut on BSE and NSE on December 23, 2025. After closing its IPO bidding between December 16-18, 2025, the company commenced trading with a decline of 3.65% opening at ₹370.00 and touched ₹355.00 (down 7.55%).

KSH International Limited Listing Details

KSH International launched its IPO at ₹384 per share with minimum investment of 39 shares costing ₹14,976. The IPO received poor response with subscription of just 0.87 times - retail investors at 0.91 times (undersubscribed), QIB at 1.12 times, NII at 0.44 times.

First-Day Trading Performance

Listing Price: KSH International opened at ₹370.00 representing decline of 3.65% from issue price of ₹384.00, touched low of ₹355.00 (down 7.55%), with VWAP at ₹360.36.

Growth Drivers and Challenges

Growth Drivers:

Market Leadership: Third-largest manufacturer and largest exporter of magnet winding wires in India, approved supplier to major entities including PGCIL, NTPC, NPCIL, and RDSO. 

Revenue increased 39% and PAT surged 82% between FY24 and FY25, ROE of 22.77%, ROCE of 16.60%, RoNW of 22.77%. 

Comprehensive product suite across multiple end-use industries, three strategically located manufacturing facilities with 29,045 MT capacity plus fourth plant under development, long-standing relationships with diversified domestic and global customers, proven track record with necessary certifications.

Challenges:

Poor Subscription: Extremely weak subscription of 0.87 times with overall undersubscription, retail at 0.91 times undersubscribed, NII at dismal 0.44 times with big HNI at abysmal 0.26 times showing complete institutional disinterest indicating market skepticism about valuation and growth prospects. 

Weak listing decline of 3.65% touching 7.55% down during trading creating immediate losses, issue appears fully priced according to analyst despite strong fundamentals. 

High leverage with debt-to-equity of 1.17, total borrowings of ₹360.05 crore, ₹225.98 crore of IPO proceeds for debt repayment indicating balance sheet stress, thin PAT margin of 3.51%, EBITDA margin of 6.35%, significant OFS component of ₹224.45 crore versus ₹420.00 crore fresh issue, significant promoter dilution from 98.40% to 71.36%.

Utilisation of IPO Proceeds

Debt Repayment: ₹225.98 crore for repayment of certain borrowings. 

Capacity Expansion: ₹87.02 crore for purchase and setup of machinery at two plants, ₹8.83 crore for rooftop solar power plant at Supa facility. 

General Corporate Purposes: ₹76.96 crore.

Financial Performance

Revenue: ₹1,938.19 crore for FY25, growth of 39% from ₹1,390.50 crore in FY24. 

Net Profit: ₹67.99 crore in FY25, growth of 82% from ₹37.35 crore in FY24. 

Financial Metrics: ROE of 22.77%, debt-to-equity of 1.17, PAT margin of 3.51%, post-issue EPS of ₹13.39, P/E of 28.68x, and market capitalisation of ₹2,439.54 crore representing weak listing with poor subscription.