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KSH International files for ₹745 cr IPO to fund expansion, debt repayment
The Pune-based company's proposed IPO is a combination of a fresh issue of shares worth Rs 420 crore and an offer-for-sale of stocks valued at Rs 325 crore by promoters, according to the draft red herring prospectus (DRHP) filed on Thursday.
Proceeds from the fresh issue to the extent of Rs 225.98 crore will be used for payment of debt, Rs 90.06 crore to set up new machinery for expansion at its Supa facility and purchasing and setting up of new machinery at Chakan, Pune in Maharashtra; Rs 10.41 crore for setting up of a rooftop solar power plant at its Supa facility; and a portion will be used for general corporate purposes.
KSH International, a part of the KSH group, commenced its operations in 1981 by manufacturing magnet winding wires in Raigad, Maharashtra, and in the last four decades, it has diversified its operations to manufacturing various types of standard and specialised magnet winding wires. It markets and sells its products through its brand 'KSH', with a strong brand recall and reputation in the industry over the years.
The company has 112 customers as of December 31, 2024, which includes the likes of Bharat Bijlee, Virginia Transformer Corporation, Bharat Heavy Electricals Ltd, Georgia Transformer Corporation, Hitachi Energy India, Siemens Energy India, Hind Rectifiers, Toshiba Transmission & Distribution Systems (India) Private Ltd, CG Power and Industrial Solutions Ltd and Emirates Transformer & Switchgear Ltd.
Also, KSH International has a significant global footprint and exports its products to 24 countries, including, the US, UAE, Kuwait, Romania, Saudi Arabia, Germany, Oman, Spain, Bangladesh and Japan.
The company operates three manufacturing facilities, out of which two of these facilities are located in Chakan and one in Taloja, Raigad.
Besides, there is an upcoming fourth facility in Supa, Ahilyanagar (formerly Ahmednagar), which is expected to commence operations in FY26.
According to a CARE report, with its Supa expansion, KSH is expected to more than double its capacity from 29,045 MT as of December 31, 2024, to 59,045 MT over the next two years.
KSH International's revenue from operations increased to Rs 1,382.82 crore in FY24 from Rs 1,049.46 crore in the preceding financial year and profit after tax grew to Rs 37.35 crore from Rs 26.61 crore.
Nuvama Wealth Management and ICICI Securities are the book-running lead managers and MUFG Intime India is the registrar of the issue. The equity shares are proposed to be listed on the NSE and BSE.
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