KSH International to list on Dec 23: Here's what latest GMP hints at

KSH International IPO witnessed underwhelming response from investors, getting oversubscribed only 83 per cent overall

KSH International IPO listing forecast: KSH International, a magnet winding wires manufacturer, will make its debut on the Dalal Street on Tuesday, December 23, 2025, and the grey market is indicating a flat start. 

 

The mainline initial public offering (IPO), worth ₹710 crore, comprised a combination of fresh issue of 10.9 million equity shares and an offer for sale (OFS) of 7.6 million equity shares.

 

The IPO witnessed underwhelming response from investors, getting oversubscribed only 83 per cent overall. Investors placed bids for 11.23 million equity shares against 13.61 million shares on offer. The qualified institutional buyers (QIBs), whose quota was booked 1.06 times, emerged as higher bidders. However, the non-institutional investors (NIIs) and retail investors showed lacklustre interest, subscribing their portions by 42 per cent and 86 per cent, respectively, according to NSE data. 

 

 

Ahead of the IPO, KSH International had raised ₹213 crore from anchor investors on Monday, December 15, allotting 5.54 million shares at ₹384 each, as per a circular on the BSE website. Marquee investors, including Malabar India Fund, HSBC Global Investment Funds, Societe Generale, Kotak Mahindra AMC, HDFC AMC, LIC Mutual Fund, and ITI Mutual Fund, participated in the anchor round.

 

The allotment for the IPO was finalised on Friday, December 19, 2025, and investors are now awaiting the listing. 

 

Ahead of its listing, KSH International’s unlisted shares were trading flat at ₹384 per share in the grey market, the upper end price, as per sources tracking unofficial markets.

 

If grey market trends sustain, KSH International shares could list near ₹384, signalling a flat debut for the investors. However, analysts warn that the grey market is unregulated, and the GMP is not a reliable predictor of actual listing performance.

KSH International IPO details

The IPO comprised a fresh issue of 10.9 million shares aggregating to ₹420 crore and an OFS of 7.6 million shares aggregating to ₹290 crore. Under the OFS, promoters Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde, and Rohit Kushal Hegde are selling a part of their holdings.

 

The issue was available at a price band of ₹365 to ₹384 per share, with a lot size of 39 shares. The public issue was open for subscription from December 16 to December 18, 2025.

 

MUFG Intime India is the registrar for the issue. ICICI Securities and Nuvama Wealth Management are the book-running lead managers. 

 

According to the red herring prospectus (RHP), the company plans to utilise ₹226 crore from the net fresh issue proceeds for prepayment or repayment of certain outstanding borrowings. Additionally, ₹102.4 crore will fund capex for purchasing and setting up new machinery at its Supa facility and Unit 2 in Chakan, Pune. Around ₹8.8 crore will be used for a rooftop solar plant at the Supa facility, while the remaining funds, the company said, will be used for general corporate purposes.