KSH International IPO: Should you apply?

Summary: KSH International, India’s third-largest producer of magnet winding wires, is set to go public on December 16, 2025. Should you subscribe to its IPO? We find out. KSH International, a manufacturer of electrical wires and cables, will open its IPO (initial public offering) on December 16, 2025 and close on December 18, 2025. Of the total issue size of Rs 710 crore, Rs 420 crore comprises a fresh issue, while the remaining Rs 290 crore will be raised through an offer for sale (OFS). Below is a breakdown of KSH International’s strengths, weaknesses, financials and past valuations to help you make an informed investment decision. What the company does KSH International is among India’s leading manufacturers of magnet winding wires, ranking third by production capacity and the largest exporter by revenues in FY25. Founded in 1981, the company has steadily expanded its product range to include specialised, customer-specific winding wires used in transformers, motors and generators. Its products are critical inputs across power, renewables, railways, automobiles and home appliances. Sold under the ‘KSH’ brand, the company primarily serves OEMs (original equipment manufacturers) and counts many large domestic and global electrical equipment manufacturers among its customers. It is an approved supplier for high-voltage and extra-high-voltage applications, including HVDC transformers. With exports to 24 countries, KSH has built a strong global footprint in a high-entry-barrier industry. Track record and valuation KSH International’s financials demonstrate that the company has been on a strong footing. Between FY23 and FY25, the electric wires manufacturer posted a revenue growth of nearly 36 per cent every year, while net income (profit after tax) and EBIT (earnings before interest and tax) also posted double-digit growth of 60 per cent and 61 per cent, respectively. However, the company’s total debt also grew during the same period, at over 68 per cent annually. At the upper end of the price band (Rs 384), KSH International’s stock is expected to be valued at over 38 times its FY25 earnings and 3.5 times its book value. In comparison, KSH International’s peers trade at a P/E and P/B of nearly 40 times and 6 times, respectively. KSH International IPO details Total IPO size (Rs cr) 710 Offer for sale (Rs cr) 290 Fresh issue (Rs cr) 420 Price band (Rs) 365-384 Subscription dates December 16-18, 2025 Purpose of issue Repayment of debt, purchase of new machinery and setting up of a new solar power plant Post-IPO M-cap (Rs cr) 2,602 Net worth (Rs cr) 7