KSH International Ltd IPOKSHINTL

The IPO opens on 16 Dec 2025 & closes on 18 Dec 2025.

KSH International Limited was originally incorporated as 'Bhandary Metal Extrusion Private Limited', pursuant to a certificate of incorporation dated July 30, 1979 issued by the Registrar of Companies, Maharashtra at Bombay. Subsequently, the name of Company was changed from 'Bhandary Metal Extrusion Private Limited' to 'KSH International Private Limited' dated July 4, 1996 issued by Registrar of Companies Maharashtra at Mumbai. Further, on conversion of Company from a private limited to a public limited company, name of the Company was changed to 'KSH International Limited' and a fresh certificate of incorporation was issued by the ROC, Central Processing Centre on January 20, 2025. The Company commenced its operations in 1981 by manufacturing magnet winding wires in Taloja, in Raigad, Maharashtra. The Company is headquartered in Pune with manufacturing facilities in Pune and Taloja and is engaged into manufacture of insulated copper & aluminium conductors. The key products include round enamelled copper/ aluminium magnet winding wires, paper insulted rectangular copper/ aluminium magnet winding wires, continuously transposed conductors, rectangular enamelled copper/ aluminum magnet winding wires and bunched paper insulated copper magnet winding wires. These products (transformers, motors, alternators and generators) find application in end-use industries such as power, renewables, industrials, railways, automotives (EV and ICE), home appliances, refrigeration and air conditioning. The Company opened a production unit at Birdewadi, Chakan in Pune with a maximum capacity of 150 MT per month in period 2006. It later on established a manufacturing unti in Khalumbre in Khed district of Pune with installed capacity of 400 MTPA in 2019. Company is a part of the KSH group, a diversified business conglomerate, with presence in logistics, infrastructure, services, and distribution, The key customers are primarily OEMs, and include, Bharat Bijlee Limited, Virginia Transformer Corporation, Bharat Heavy Electricals Limited, Georgia Transformer Corporation, Hitachi Energy India Limited, Siemens Energy India Limited, GE Vernova T&D India Limited, Hind Rectifiers Limited, Transformers and Rectifiers India Limited, Indo-Tech Transformers Limited, TBEA, Atlanta Electricals Limited, Toshiba Transmission & Distribution Systems (India) Private Limited, Meidensha Corporation, SGB-SMIT GmbH and Retrasib S.R.L., CG Power and Industrial Solutions Limited, Nidec Industrial Automation India Private Limited, Al Ahleia Switchgear Co. , Emirates Transformer & Switchgear Limited. The Company came up with the IPO by issuing the aggregate 16,782,501 equity shares of face value Rs 5 each and raised Rs 644.45 crore comprising a fresh issue of 10,937,500 equity shares amounting to Rs 420 crores and the offer for sale of 5,845,001 equity shares amounting to Rs 224.45 crore on 18 December, 2025. The Company has commenced business operations at the Supa Facility in September 2025 by enhancing the installed capacity from 8,800 MT to 12,000 MT.

KSH International Ltd IPO will close on 18 Dec 2025.

<ul><li>The Company is one of the leading manufacturers of magnet winding wires in India with a comprehensive suite of products used across multiple end use industries.</li><li>The Company has large, strategically located, manufacturing facilities with focus on advanced technologies and new product and process development.</li><li>The Company has long standing relationships with its diversified customer base both domestically as well as globally.</li><li>The Company has a proven track record necessary certifications and accreditations in an industry which has high barriers to entry.</li><li>The Company has a track record of financial performance and consistent growth.</li><li>The Company has experienced Promoters and Senior Management team.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Kushal Subbayya Hegde</td> <td>26704570</td> <td>47</td> <td>22725404</td> <td>33.54</td> </tr> <tr> <td>2</td> <td>Pushpa Kushal Hegde</td> <td>7386270</td> <td>13</td> <td>6287312</td> <td>9.28</td> </tr> <tr> <td>3</td> <td>Rajesh Kushal Hegde</td> <td>10907771</td> <td>19.2</td> <td>9670792</td> <td>14.27</td> </tr> <tr> <td>4</td> <td>Rohit Kushal Hegde</td> <td>10907771</td> <td>19.2</td> <td>9670792</td> <td>14.27</td> </tr> <tr> <td>5</td> <td>Rakhi Girija Shetty</td> <td>100</td> <td>---</td> <td>100</td> <td>---</td> </tr> <tr> <td>6</td> <td>Dhaulagiri Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>7</td> <td> Everest Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>8</td> <td>Makalu Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>9</td> <td> Broad Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>10</td> <td>Annapurna Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>11</td> <td>Kanchenjunga Family Trust</td> <td>10</td> <td>---</td> <td>10</td> <td>---</td> </tr> <tr> <td>12</td> <td>Maithili Rajesh Hegde</td> <td>100</td> <td>---</td> <td>100</td> <td>---</td> </tr> <tr> <td>13</td> <td>Katyayani Balasubramanian</td> <td>100</td> <td>---</td> <td>100</td> <td>---</td> </tr> </tbody> </table>

<ul><li>The company depends on certain customers for a significant portion of the revenue from operations. Its top 10 customers contributed to 53.97%, 52.54%, 57.10% and 58.99% of the revenue from operations for the three-month period ended June 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. Any decrease in demand from such customers, the loss of such customers or its inability to diversify the customer base could have an adverse effect on its business, results of operations, financial condition and cash flows.</li><li>The company business is dependent on suppliers to procure its raw materials (top 10 suppliers contributed to 98.91%, 98.45%, 96.93% and 98.58% of the total cost of raw materials and components purchased for the three-month period ended June 30, 2025, and Fiscals 2025, 2024, and 2023, respectively). The company has not entered into long-term agreements with these suppliers, and any loss of suppliers or interruptions in the timely delivery of raw materials or volatility in their prices could have an adverse impact on the company business, financial condition, cash flows and results of operations.</li><li>Any shortfall in the supply or availability of raw materials including aluminium or copper, which are the company primary raw materials (and copper also being its principal raw material), or insulating materials, such as enamel and paper, or an increase in its such material costs, or other input costs, may adversely affect the pricing and supply of the company products and have an adverse effect on its business, results of operations and financial condition.</li><li>A significant portion of the company revenue from operations i.e. 71.73%, 74.79%, 75.17% and 79.08% of its operating revenue for the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively is attributable to the power sector (generation, transmission and distribution) industry ("Power Sector"). Any economic cyclicality coupled with reduced demand or negative trend in the Power Sector industry or other industries that its operate in, could adversely affect the company business, results of operations and financial condition.</li><li>Its derive a substantial portion of the company revenue (more than 70% in each of the three-month period ended June 30, 2025, and Fiscals 2025, 2024 and 2023) from the sale of specialized magnet winding wires. Any reduction in demand for the key products would have a material adverse effect on its business, financial condition, results of operations and cash flows.</li><li>Its have not yet placed orders in relation to the company capital expenditure to be incurred for certain of the proposed objects of the Offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the requisite equipment in a timely manner, or at all, the same may result in time and cost over-runs.</li><li>The company operations are significantly dependent on its manufacturing facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of the company manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations.</li><li>The company have encountered delays in the past and may encounter delays or time cost overruns in the completion of the construction of its manufacturing facility at Supa, Ahilyanagar (formerly Ahmednagar) in Maharashtra, which may adversely affect its business, result of operations, financial condition and cash flows.</li><li>The company is subject to strict quality requirements and any product defect issues or failure by its or the company raw material suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls or exposure to potential product liability claims.</li><li>Its export the company products to various countries and its revenue from outside India represented 30.75%, 33.20%, 39.15% and 43.93% of the company sale of products for the three-month period ended June 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. Any adverse events affecting these countries or changes in laws and duties in relation to exports could have an adverse impact on its business, revenue operations, financial condition and cash flows.</li><li>The company have experienced negative cash flows from operating activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company ability to operate its business and implement the company growth plans, thereby affecting its financial condition.</li><li>If the company fail to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fail to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required for the company business, its results of operations and cash flows may be adversely affected.</li><li>The company are unable to trace some of its historical corporate records including in relation to certain allotments made by the Company. Further, certain corporate records have errors, and certain corporate filings have been made with delays. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against its Company in the future in relation to these matters, which may impact the company financial condition and reputation.</li><li>Certain sections of this Red Herring Prospectus contain information from the CARE Report which has been commissioned by its and any reliance on such information for making an investment decision in this Offer is subject to inherent risks.</li><li>The company operate in a competitive business environment. Failure to compete effectively against its competitors and new entrants to the industry may adversely affect the company business, financial condition and results of operations.</li><li>Any failure in arranging adequate working capital for the company operations or furnishing performance bank guarantees may adversely affect its business, results of operations, cash flows and financial condition.</li><li>The Company is involved in certain outstanding legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.</li><li>Under-utilization of the company manufacturing capacities and an inability to effectively utilize its manufacturing capacities could have an adverse effect on the company business, future prospects and future financial performance.</li><li>The company manufacturing facilities are located in Maharashtra, India, which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect its operations and in turn the company business, results of operations and cash flows.</li><li>The company have incurred indebtedness and are subject to certain restrictive covenants under the terms of its financing agreements, which may limit the company ability to seek additional financing or undertake certain business actions. Any inability to comply with repayment obligations and/or other covenants in the company financing agreements could adversely affect its business and financial condition.</li><li>The company loss of certain independent certification and accreditation of its products and the manufacturing practices that the company have adopted could harm its business.</li><li>There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by its in future, may result in the imposition of penalties and in turn may have an adverse effect on the company business, financial condition, results of operation and cash flows.</li><li>The company operations involve activities and materials which are hazardous in nature and could result in a suspension of operations, injury to its personnel, emission of pollutants and/or the imposition of civil or criminal liabilities which could adversely affect the company business, results of operations, cash flow and financial condition.</li><li>Its have substantial requirements for power and fuel for the company manufacturing facilities and any disruption in the supply or increase in tariff may adversely affect its business, results of operations, and financial condition.</li><li>The company are subject to counterparty credit risk and any delay in receiving payments or non-receipt of payments from its customers could have an adverse effect on the company business, results of operations, financial condition and cash flows.</li><li>The company operations are dependent on its new product and process development, thus the company inability to introduce new products and processes and respond to changing customer preferences in a timely and effective manner, may have an adverse effect on the company business, results of operations and financial condition.</li><li>Its ability to access capital at attractive costs depends on the company credit ratings. Non-availability of credit ratings or a poor rating may restrict its access to capital and thereby adversely affect the company business, financial conditions, cash flows and results of operations.</li><li>Exchange rate fluctuations may adversely affect the company business, financial conditions, cash flows and results of operations.</li><li>Fraud, employee misconduct or similar incidents may adversely affect the company results of operations and cash flows.</li><li>Some of the company manufacturing facilities and its Corporate Office are leased by the company. In the event its lose or are unable to renew such leasehold rights, the company business, financial condition and results of operations may be adversely affected.</li><li>The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect the company growth plans, operations and financial performance.</li><li>A portion of the Net Proceeds may be utilised for repayment or prepayment of certain loan facilities availed by the Company.</li><li>The company failure to keep its technical knowledge confidential could erode the company competitive advantage.</li><li>The Company has availed unsecured loans from financial institutions which may be recalled on demand.</li><li>The company depends on its Individual Promoters, Senior Management, Key Management Personnel and qualified and skilled personnel with technical expertise, and if the company are unable to recruit and retain senior management, qualified and skilled personnel, its business and the company ability to operate or grow its business maybe adversely affected.</li><li>Apart from two of the company Directors, none of its Directors have any prior experience of directorships in listed companies. Post listing of the Equity Shares on the Stock Exchanges, the Company will be subject to the applicable regulatory requirements of a listed company, including regulations prescribed under SEBI Listing Regulations and the Companies Act. Any non-compliance with the regulatory requirements, due to lack of experience or otherwise, may subject the company to adverse regulatory actions.</li><li>The company currently avail benefits under certain Government incentive schemes. Cancellation or its inability to meet the conditions under such schemes may result in adversely affect the company business operations, cash flows, results of operations and financial condition.</li><li>The company may be unable to adequately protect intellectual property that its use and may be subject to risks of infringement claims.</li><li>The company insurance coverage may not be sufficient or adequate to protect its against all material hazards, which may adversely affect the company business, results of operations, financial condition and cash flows.</li><li>Its have certain contingent liabilities that has not been provided for in the company financial statements, which if they materialise, may adversely affect its financial condition.</li><li>The company Promoters and certain of its Directors are interested in the Company in addition to their remuneration and reimbursement of expenses.</li><li>The company have entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.</li><li>The company Promoters and members of its Promoter Group will continue to hold a significant equity stake in the Company after the Offer and their interests may differ from those of the other shareholders.</li><li>Technological failures could disrupt the company operations and adversely affect its business operations and financial performance.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.</li><li>The company may be susceptible to liabilities arising from violation of applicable anti-bribery and anti-corruption laws.</li><li>The company ability to pay dividends in the future will depends on its future cash flows, working capital requirements, capital expenditures and financial condition.</li><li>The disclosures related to the educational qualifications of certain of the company Promoters in this Red Herring Prospectus are based on declarations, affidavits, and undertakings furnished by them.</li><li>The Company will not receive any proceeds from the Offer for Sale. Its Promoter Selling Shareholders will receive the proceeds from the Offer for Sale.</li></ul>

The Issue type of KSH International Ltd is Book Building.

The minimum application for shares of KSH International Ltd is 39.

The total shares issue of KSH International Ltd is 18489583.

Initial public offering of 16,782,501 equity shares of face value of Rs.5 each ("Equity Shares") of KSH International Limited ("Company" or "Issuer") for cash at a price of Rs. 384 per equity share (Including a Share Premium of Rs.379 Per Equity Share) ("Offer Price") aggregating to Rs.644.45 crores (the "Offer") comprising a fresh issue of 10,937,500 equity shares of face value of Rs.5 each aggregating to Rs.420.00 crores ("Fresh Issue") and an offer for sale of 5,845,001 equity shares of face value of Rs.5 each ("Offered Shares") aggregating to Rs.224.45 crores, comprising 3,079,711 equity shares of face value of Rs.5 each by Kushal Subbayya Hegde aggregating to Rs.1,18.26 crores, 850,548 equity shares of face value of Rs.5 each by Pushpa Kushal Hegde aggregating to Rs.32.66 crores, 957,371 equity shares of face value of Rs.5/- each by Rajesh Kushal Hegde aggregating to Rs.36.76 crores and 957,371 equity shares of face value of Rs.5 each by Rohit Kushal Hegde aggregating to Rs.36.76 crores ( Collectively, "Promoter Selling Shareholders" and such offer for sale of equity shares of face value of Rs.5 each by the promoter selling shareholders, the "Offer For Sale"). The offer constituted 24.77% of the post-offer paid up equity share capital of the company.