KSH International Ltd makes its Dalal Street debut today, December 23, 2025, after a Rs 644–710 crore IPO that saw only 0.83–0.87 times subscription. Grey market premium trends remain flat to marginally positive near the Rs 365–384 price band, with experts largely expecting a subdued or mildly negative listing.
KSH International, a manufacturer linked to power, renewables and EV supply chains, lists today on BSE and NSE after its book-built IPO opened December 16 and closed December 18, with allotment finalised on December 19. The issue, priced in the Rs 365–384 band with a lot size of 39 shares, comprised fresh equity plus an offer for sale aggregating about Rs 644–710 crore. Subscription, however, remained tepid, with total bids at around 0.83–0.87 times, reflecting cautious sentiment despite long-term growth narratives.
Grey market indicators point to a weak debut. Data from platforms such as Investorgain and IPO Watch show the GMP hovering around zero to about 1–2% over the upper price band, implying little room for listing gains and even the risk of a discount opening. While some analysts highlight KSH’s exposure to structural themes like power and EVs and advise long-term investors to track execution and margins, most expect near-term price action to mirror the subdued IPO demand.
Key Highlights
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Tentative listing date: December 23, 2025, on both BSE and NSE; face value Rs 5, price band Rs 365–384 per share.
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Issue size about Rs 644–710 crore, combining fresh issue (around Rs 420 crore) and OFS; subscription capped below 1x, with softer QIB and HNI participation.
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Current GMP ranges from flat to low single digits, suggesting a flat to discount listing, though experts caution that grey market signals are unofficial and volatile.
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Brokerage commentary is mixed: some recommend only high-risk, long-term positions given leverage and sector cyclicality, while others prefer to wait for listed-track record before committing fresh capital.
Sources: Chittorgarh IPO note, Moneycontrol IPO coverage, India Today Business, Investorgain GMP tracker, and other broker research summaries on KSH International’s IPO.