Edited by Editor-in-Chief, The Indus Pulse 16 Sept 2026, 11:08 AM 2 min readmarkets
Kanohar Electricals Lists at 8% Premium Following Strong IPO Subscription
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Kanohar Electricals Limited shares debuted on the stock exchange today at an 8% premium over their initial public offering price. The listing follows a highly anticipated public issue that saw significant investor interest, with the company raising Rs 1,055.74 crore through a combination of fresh equity and an offer for sale.
Investor Demand and Subscription Metrics
The public issue, which featured a price band of Rs 601 to Rs 632 per share, attracted substantial demand across all investor categories. The IPO was subscribed 90.59 times overall. Institutional interest was particularly robust, with the qualified institutional buyer portion subscribed 215.37 times. Non-institutional investors subscribed 87.74 times, while retail participation reached 20.51 times. Prior to the listing, grey market sentiment had suggested potential gains of approximately 30%, though the final debut at an 8% premium reflected a more conservative market reception.
Financial Growth and Operational Scale
Kanohar Electricals, a manufacturer of transformers for the power, railway, and renewable energy sectors, has demonstrated strong financial momentum. The company reported a 45% increase in total income for fiscal year 2026, reaching Rs 662.86 crore compared to Rs 457.30 crore in the previous year. Profitability also saw a marked improvement, with profit after tax nearly doubling to Rs 129.73 crore from Rs 65.12 crore in FY25.
Operating from two manufacturing facilities in Meerut, Uttar Pradesh, the company maintains a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. It is one of four Indian manufacturers certified by the Research Designs and Standards Organisation to produce 100 MVA, 132 kV Scott transformers.
Deployment of IPO Proceeds
The company has outlined a clear strategy for the utilization of the Rs 1,055.74 crore raised. Approximately Rs 64.18 crore is earmarked for capital expenditure, while Rs 155 crore will be directed toward incremental working capital requirements. The remaining funds are designated for general corporate purposes. The issue was managed by Nuvama Wealth Management Limited and IIFL Capital Services Limited, with MUFG Intime India Private Limited serving as the registrar.
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