KSH International IPO

Founded in 1981, KSH International Limited is a specialised manufacturer of magnet winding wires and conductors serving the global power and electrical equipment industry.

The company manufactures enamelled round wires, paper-insulated rectangular wires, continuously transposed conductors (CTC), and bunched conductors, which are key inputs for power transformers, motors, generators, and alternators.

KSH operates integrated manufacturing facilities with 29,045 MT installed capacity, covering enamelling, paper covering, transposition, and in-house testing, enabling consistent quality and large-scale execution.

The company supplies to leading domestic and global OEMs across India, the US, Europe, the Middle East, and Asia, with exports accounting for ~30–44% of total revenue. It was also recognised as the largest exporter of magnet winding wires from India in FY25 (CARE Ratings).

Supported by long-standing customer relationships, high technical entry barriers, and product qualification requirements, KSH benefits from repeat orders and stable demand.

In FY25, the company reported total income of ~₹19,381.9 crores, driven by growth in power infrastructure, renewable energy, and industrial electrification. Going forward, KSH aims to expand capacity and strengthen its export footprint, supported by IPO proceeds.

The following are the details of KSH International Limited's upcoming IPO.

Before applying for the IPO, investors should know which category they qualify for. Here's who can apply to the KSH International IPO.

The Net proceeds from the KSH International IPO shall be utilized for the following purposes:

The shareholding (pre-offer) of KSH International Limited is shared between the following promoters

(Note: * indicates that the number is negligible and hence has been rounded off by the company.)

Here's the table showing KSH International's financial performance from FY 2023 to FY 2025 and as of June 30, 2025.

Based on the consolidated financial statements of KSH International for FY 2024-25 and as of Jun 30, 2025, the following financial metrics are available.

Below is a concise business overview of the KSh International IPO, outlining its strengths and potential risks for investors.

KSH International IPO -- Key Strengths

1. Strong revenue scale & growth
   For FY25, total income stood at ~₹19,283 crore, with EBITDA of ~₹1,225 crore, showing sharp YoY growth and margin expansion.
2. Export-led business model
   The business model relies more on exports, contributing ~30–44% of sales. Also, these exports have boosted the company's presence across 20+ countries, reducing dependence on domestic demand alone.
3. Leadership in specialised conductors
   KSH International is a leading Indian manufacturer of CTC, PICC, and magnet winding wires. They are also ranked as the largest exporter of magnet winding wires from India (FY25) as per the CARE report.
4. Diverse end-use industries
   Their products are widely used in several industries in the form of power transformers, motors, alternators, renewables, traction, & industrial equipment.
5. Strong OEM customer base
   The company supplies parts to reputed global and domestic OEMs. At the same time, qualification-driven entry creates high switching costs.
6. Robust manufacturing capacity
   The company owns multiple plants with ~29,000 MT installed capacity, enabling execution of large and export-heavy orders.
7. Growth-focused IPO structure
   Total issue size ~₹7,100 crore (Fresh Issue ~₹4,200 crore + OFS ~₹2,900 crore), supporting capex, expansion, and balance-sheet strength.

(Note: ~ refers to the estimate for the adjusted amount.)

Key Business Risks

1. Customer concentration risk
   The top 10 customers contribute ~52–59% of total revenue. Thus, any loss of any major client can impact earnings.
2. Raw material price volatility
   The company's majority of products heavily depend on copper & aluminium (LME-linked prices. Any price hike could lead to margin risk.
3. Export & forex exposure
   Since the business has a high export share, exposure to currency fluctuations, trade restrictions, and geopolitical risks remains.
4. Cyclicality of power & capex sectors
   The demand is linked to power infrastructure and industrial capex cycles. In a downturn, sales could be slow.
5. Working capital intensity
   At times, large inventories and receivables can strain cash flows or delay collections.
6. Product quality & liability risk
   Certain mission-critical applications have a high cost of failure, potential recalls, or loss of certifications.
7. Promoter OFS & governance watch
   Here, a significant Offer-for-Sale component is involved. Therefore, investors should track post-listing promoter stake and governance discipline.

Here's how you can check your IPO allotment status for KSH International.

1. Visit the allotment portal : https://ipo.bigshareonline.com/IPO_Status.html .
2. Select "KSH International" from the company dropdown.
3. Enter any of these details - PAN, Application Number, DP/Client ID, or Account Number/IFSC.
4. Click on the "Submit" button to view your allotment status.

The KSH International IPO registrar, as per the RHP, is MUFG Intime India Pvt. Ltd.

Phone: +91-22-4918 6270

Email: kshinternational.ipo@in.mpms.mufg.com

The lead manager handling the IPO process of KSH International Ltd is “Nuvama Wealth Management Limited.”