A wire company wants your money—but this one’s wired for growth
Most IPOs lately feel like reruns: debt-heavy company, buzzwords like “sustainability,” and some big private equity names cashing out. But here comes KSH International IPO—from the lesser-hyped world of magnet winding wires.
Sounds boring? Don’t be fooled. This Pune-based company is the third largest manufacturer and the largest exporter of magnet wires in India. And they’re heading to the market with a ₹745 crore IPO.
Here’s what you need to know.
IPO Details: Big plans, some debt, and family selling
KSH International filed its draft papers with SEBI on May 22, 2025. The IPO is a mix of fresh issue + offer for sale (OFS).
| Component | Amount (₹ crore) |
|---|---|
| Fresh Issue | ₹420 crore |
| OFS (by promoters – Hegde family) | ₹325 crore |
| Total Issue Size | ₹745 crore |
Additionally, the company may raise ₹84 crore in a pre-IPO round, which could reduce the final offer size.
Where the fresh money is going
KSH isn’t just raising money for fun. According to the DRHP:
- ₹226 crore will go toward repaying debt (₹360.9 crore debt as of April 2025)
- ₹90 crore is planned for new machinery at its Supa (Ahilyanagar) and Chakan facilities
- ₹10.4 crore will fund a rooftop solar power plant at Supa
In short: cut debt, expand capacity, and reduce power bills. Respect.
What does KSH International do?
They make magnet winding wires—the kind used in:
- Transformers
- Motors
- Alternators
- Generators
Their products are essential for sectors like power, railways, industrials, automotives, air conditioning, and appliances. If electricity flows through something, chances are a KSH wire is inside.
With an installed capacity of 29,045 metric tonnes, they operate from three plants in Maharashtra (Pune and Raigad), and are building a fourth plant in Supa, set to start Phase 1 operations in FY26.
And their clients? Not small names.
KSH International supplies to a jaw-dropping list of global and Indian OEMs, including:
- Bharat Bijlee
- BHEL
- GE Vernova T&D
- Hitachi Energy India
- Siemens Energy India
- Toshiba Transmission
- CG Power
- Emirates Transformer & Switchgear
Basically, they’re not chasing small orders on JustDial. They’re already in big rooms with big players.
Financials: Healthy, growing, and profitable
Let’s talk numbers—because that’s what makes or breaks an IPO story.
| Period | Revenue (₹ crore) | Net Profit (₹ crore) |
|---|---|---|
| FY23 | 1,049.2 | 26.6 |
| FY24 | 1,382.8 | 37.4 |
| 9M FY25 (Dec ’24) | 1,420.5 | 49.5 |
Yes, you read that right. In just 9 months of FY25, KSH has already surpassed FY24’s full-year profit and revenue.
A 40.3% profit growth in FY24 isn’t easy in manufacturing, especially one tied to commodity input prices like copper.
Competition: Not a lonely road
KSH’s main listed rivals include:
- Precision Wires India
- Ram Ratna Wires
Among these, Precision Wires has a ₹2,800+ crore market cap and is considered the benchmark in this space. Investors will likely compare KSH’s IPO valuation against these players.
IPO Lead Managers
The issue is being handled by:
- Nuvama Wealth Management
- ICICI Securities
So yes, there’s institutional credibility behind the scenes.
Our Take: Should you apply?
KSH International IPO isn’t hyped like a fintech or EV battery startup, but that’s a good thing. This is a steady, export-driven, niche manufacturer with a solid client base, growing margins, and smart use of IPO proceeds.
Positives:
- Largest exporter in its segment
- Healthy profit and revenue growth
- Global OEM clients
- Expansion and debt-reduction-focused IPO
Risks:
- Copper price fluctuations
- High dependence on industrial capex cycles
- Unlisted peer comparison makes valuation benchmarking tricky
We’ll know more once pricing and valuations come in. But if you like fundamentally strong, under-the-radar manufacturers with global reach, keep this one on your Angel One IPO watchlist.
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FAQs: KSH International IPO
1. What is the total issue size of KSH International IPO?
₹745 crore – ₹420 crore fresh issue + ₹325 crore OFS.
2. Who are the promoters selling shares?
The Hegde family, which founded and runs the business.
3. What will the company use the IPO money for?
Debt repayment, capacity expansion, and solar power setup.
4. What sectors use KSH’s products?
Power, industrials, railways, automotives, refrigeration, and more.
5. Is KSH profitable?
Yes. FY24 net profit grew 40% YoY. They’ve already beaten that in 9M FY25.
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