The demand for the picked up after a sluggish start, fetching an overall subscription of 0.83 times or 83 per cent. The issue, which saw virtually no participation from qualified institutional buyers (QIBs) till earlier in the day, witnessed a noticeable improvement in overall subscriptions as bids flowed in across categories.
The QIB portion stood at 1.06 times, reflecting a late surge in institutional bids. The non-institutional investor (NII) segment was subscribed 0.42 times, while the retail investors’ portion was booked 0.86 times.
Bids from qualified institutional buyers stood at nil, non-institutional investors had subscribed 0.20 times, and the retail portion was subscribed 0.63 times. The subdued subscription comes despite the company having raised ₹213 crore from anchor investors earlier this week, offering some support ahead of the issue’s close.
The -based company’s IPO is sized at ₹710 crore and is priced in the range of ₹365 to ₹384 per share. The issue comprises a fresh issue of equity shares worth ₹420 crore and an offer-for-sale of ₹290 crore by promoters. Proceeds from the fresh issue are earmarked primarily for debt repayment and capacity expansion, including the installation of new machinery at its Supa facility and additional equipment at its Chakan unit near Pune. The company also plans to use part of the funds to set up a rooftop solar power plant at Supa, alongside meeting general corporate expenses.
KSH International is part of the KSH Group and began operations with the manufacture of magnet winding wires at its Raigad facility in Maharashtra.
Given the weak subscription trends, market participants expect the listing to be closely watched, with sentiment hinging on any last-minute institutional participation and broader market conditions. The shares are expected to list next week following the completion of allotment, though listing expectations remain cautious in light of the muted demand seen during the book-building process.