The Kanohar Electricals IPO will open for subscription on Tuesday, 8 September, and will close on Thursday, 10 September. The Kanohar Electricals IPO price band has been set at ₹601– ₹632 per equity share, with a face value of ₹2 per share. The Kanohar Electricals IPO lot size is 23 equity shares, and bids can be placed in multiples of 23 shares thereafter. Kanohar Electricals’ IPO subscription will open at 10:00 IST on Tuesday as part of the deals.
Kanohar Electricals IPO GMP today
Kanohar Electricals IPO GMP today, or grey market premium, is +196. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Kanohar Electricals share price was indicated at ₹828 apiece, which is 31.01% higher than the IPO price of ₹632.
According to recent grey market activity over the last 9 sessions, the IPO’s GMP is trending upward today, suggesting anticipation of a robust listing. Over this timeframe, experts noted that the GMP fluctuated between ₹0.00 and ₹205.
Under the Kanohar Electricals IPO reservation structure, up to 50% of the issue is earmarked for qualified institutional buyers (QIBs), while non-institutional investors (NIIs) have been allotted at least 15%. Retail investors have reserved at least 35% of the offer.
The Kanohar Electricals IPO allotment basis is expected to be finalised on Friday, 11 September. The company is likely to begin processing refunds on Tuesday, 15 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
Kanohar Electricals share price is likely to be listed on both the BSE and NSE on Wednesday, 16 September.
Kanohar Electricals IPO review
Anand Rathi said Kanohar Electricals offers exposure to the structural growth in India’s power transmission and distribution sector, driven by rising grid investments, renewable energy integration and increasing demand for high-voltage transformers. However, high customer concentration, dependence on the transformer manufacturing business and reliance on government and transmission utility orders warrant a measured valuation outlook. At the upper price band, the company is valued at 38.6x FY26 P/E and 28.0x FY26 EV/EBITDA, implying a post-issue market capitalisation of ₹5,005 crore.
While the valuation is at a premium to Transformers & Rectifiers (India), the brokerage believes the premium is supported by Kanohar’s stronger recent growth and profitability. Anand Rathi has assigned a “Subscribe – Long Term” rating to the IPO.
Swastika Investmart said Kanohar’s integrated transformer manufacturing and EPC capabilities position it to participate in large power projects. However, the company remains exposed to concentration risk, with 83% of FY26 revenue coming from transformers. FY26 revenue grew 45% to ₹653.8 crore, while PAT nearly doubled to ₹129.7 crore. Strong financial metrics, including ROE of 42.1%, ROCE of 70.1% and a low debt-to-equity ratio of 0.10x, highlight its financial strength. The ₹1,818 crore order book, equivalent to 2.8 times FY26 revenue, provides healthy revenue visibility. At around 34.5–36.3x FY26 EPS, the valuation is considered reasonable compared with peers.
Swastika Investmart recommends the IPO to long-term investors, while noting potential for listing gains subject to market conditions.
Kantilal Chhaganlal Securities said Kanohar commands a premium valuation over Transformers & Rectifiers (India), but believes the premium is justified by its significantly stronger recent revenue and EBITDA growth. Its in-house manufacturing and integrated capabilities could support better quality control, execution efficiency and scalability as transformer demand rises. The brokerage expects rising investments in power transmission and distribution, renewable energy integration, railway electrification and grid modernisation to drive sustained demand for transformers.
Kantilal Chhaganlal Securities recommends subscribing to the issue with a long-term investment horizon.
Kanohar Electricals IPO details
The ₹1,056-crore IPO comprises a fresh issue of up to ₹300 crore and an offer-for-sale (OFS) of up to 1.2 crore shares. At the upper end of the price band, the OFS is valued at ₹756 crore and will be offered by promoter K Sons Family Trust.
Of the fresh issue proceeds, the company plans to allocate ₹64.1 crore towards capital expenditure. This will include the purchase of machinery and equipment for its Gangol manufacturing facility, expansion and automation of backward integration facilities, civil construction and interior development of an office building, and sustainability initiatives.
Another ₹155 crore has been earmarked to meet incremental working capital requirements, while the balance will be utilised for general corporate purposes.
Nuvama Wealth Management and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India is acting as the registrar.
Kanohar Electricals IPO anchor investor details
Kanohar Electricals has raised ₹316.72 crore from anchor investors ahead of its IPO. The company informed the stock exchanges that it allotted 50,11,424 equity shares to anchor investors at ₹632 per share.
The anchor book attracted participation from 42 leading financial institutions from India and overseas. Prominent investors included Ashoka Whiteoak ICAV – Ashoka Whiteoak Emerging Markets Equity Fund, Allianz Global Investors Fund – Allianz India Equity, HSBC Global Investment Funds – Asia Ex Japan Equity Smaller Companies, VQ FasterCap Fund and HDFC Life Insurance Company.
Among equity-oriented schemes, shares were allotted to ICICI Prudential Multi Cap Fund, Kotak Infrastructure & Economic Reform Fund and Mirae Asset Small Cap Fund.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
