KSH International's journey to the public markets is set to culminate in a quiet debut. The company's shares are scheduled to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Tuesday, 23 December 2025. This comes after its initial public offering (IPO) received a lukewarm response from investors during the subscription period.
IPO Subscription Details: A Mixed Bag
The public issue, which was open for bidding from 16 to 18 December 2025, managed to garner subscription for 83% of the shares on offer. According to data from the BSE, investors bid for 1,12,35,627 equity shares against the total issue size of 1,36,16,438 shares.
The subscription pattern revealed a clear divide among investor categories. The Qualified Institutional Buyers (QIBs) segment showed the strongest interest, subscribing 1.06 times their allotted portion. They bid for 41,41,956 shares against the 38,90,410 shares reserved for them.
However, other investor groups were more cautious. The Non-Institutional Investors (NIIs) portion was only 42% subscribed, with bids for 12,15,240 shares out of 29,17,809. Retail investors came closer to full subscription but fell short, booking 86% of their quota. They applied for 58,78,431 shares out of the 68,08,219 shares available to them.
Grey Market Sentiment and Listing Expectations
The sentiment in the unofficial grey market mirrors the tepid primary market response. As of Saturday, 20 December 2025, the grey market premium (GMP) for KSH International shares was reported at ₹0 per share. This is a drop from a modest ₹2 per share premium observed around 17 December.
Given the nil GMP and the upper price band of ₹384 per share, market observers anticipate a flat listing. The shares are expected to list at or very close to the issue price, marking neither a premium nor a discount for allottees on the listing day.
Utilisation of IPO Proceeds and Company Details
The KSH International IPO was a combination of a fresh issue and an offer for sale (OFS), aiming to raise a total of ₹710 crore. This included a fresh issue of ₹420 crore and an OFS component worth ₹290 crore.
The company has outlined clear plans for the net proceeds from the fresh issue. A significant portion, ₹226 crore, will be used to repay outstanding loans. Furthermore, ₹87 crore is earmarked for capital expenditure to purchase new machinery, and ₹8.8 crore will fund the installation of a rooftop solar power plant for captive power generation.
The price band for the IPO was set between ₹365 to ₹384 per equity share, with a lot size of 39 shares. The share allotment was finalized on Friday, 19 December 2025, paving the way for the upcoming listing.
Investors and market participants will now closely watch the trading activity on December 23 to gauge post-listing performance, especially after the underwhelming subscription figures.
