Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹2 |
| Fresh Issue | ₹300 Cr |
| Offer for Sale | ₹755.74 Cr |
| Market Cap | ≈ ₹5,004.61 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Nuvama Wealth, IIFL Capital |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 281.12 | 457.30 | 662.86 | +45% |
| EBITDA | 31.07 | 93.39 | 180.42 | +93% |
| PAT | 17.76 | 65.12 | 129.73 | +99% |
| PAT Margin | 6.3% | 14.2% | 19.6% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Kanohar Electricals | 38.6x | 42.12% | 19.6% |
| Atlanta Electricals | 46.3x | — | — |
| Powerica | 24.5x | — | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Dinesh, Adesh, Vivek, Abhishek, Virat & Aditya Singhal |
| Pre-issue | 99.72% |
| Post-issue | 78.64% |
| Objects of Issue | |
|---|---|
| Incremental working capital | ₹155.00 Cr |
| Capital expenditure | ₹64.18 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive growth — revenue +45%, EBITDA +93% and profit +99% in FY26 (PAT ₹18 → ₹130 Cr in two years).
- Elite returns on capital — ROE ~42% and ROCE ~70%, with low debt (debt/equity ~0.10).
- Strong sector tailwind — transformers for the grid, railways and renewables; RDSO-certified, ~19,200 MVA capacity, RDSO 100 MVA niche.
- Strong grey market — GMP firmed to ~₹215 (~34%), signalling healthy listing interest.
- Long track record (since 1972) with marquee bankers (Nuvama, IIFL).
- Rich valuation — ~38.6x post-issue P/E and ~12.6x book; leaves little room for any disappointment.
- Large offer-for-sale — ~72% of the ₹1,056 Cr issue (₹756 Cr) is the promoter trust selling; only ₹300 Cr is fresh capital.
- Cyclical demand — transformer orders ride the power-capex cycle and government/utility spending.
- Input-cost swings (copper, steel, CRGO) and customer concentration in utilities and railways.
- The book closed hugely oversubscribed (~91x, QIB ~215x), which can mean a small allotment and a volatile listing; the rich price makes listing gains dependent on continued sentiment.
Did the signal hold up? Updates after Sep 16
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Kanohar Electricals IPO FAQs
Common questions about the Kanohar Electricals IPO — GMP, price, dates, allotment and more.
What is Kanohar Electricals IPO GMP today?
As of the latest update (Subscription: Sep 10, 5:12 PM IST (Day 3 close — final, IPOJI) · GMP: Sep 10, 4:00 PM IST (₹215 IPOJI, ~34%)), the grey market premium (GMP) for Kanohar Electricals IPO is around ₹215, implying an estimated listing price of about ≈ ₹847. GMP is unofficial & indicative
What is Kanohar Electricals IPO price band?
The price band is ₹601 – ₹632 per share (face value ₹2).
What is Kanohar Electricals IPO lot size?
The lot size is 23 · min ₹14,536 per application.
When is Kanohar Electricals IPO allotment?
The tentative basis-of-allotment date is Sep 11.
When will Kanohar Electricals IPO be listed?
The tentative listing date is Sep 16, 2026 on BSE · NSE.
What is the expected listing price of Kanohar Electricals IPO?
Based on the current grey market premium of ₹215, the estimated listing price is around ≈ ₹847 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Kanohar Electricals IPO?
Our view: Apply · Subscribe
In simple terms, Kanohar Electricals is a long-established Meerut transformer maker riding India's power-grid boom — its profits have roughly doubled two years running, it earns exceptional returns on the money it uses, it carries very little debt, and the grey market has held firm at about ₹215 (~34%), pointing to a strong listing. Demand was very strong: the issue closed subscribed about 91 times overall, with the big institutions in about 215 times and wealthy investors about 88 times. The catches: the shares are priced richly (about 39 times earnings), and most of this issue (~72%) is a promoter trust selling rather than fresh money for the company. On balance the fast growth, elite returns, hot sector and blockbuster demand made it look worth applying for — now watch the Sep 16 listing, knowing the rich price leaves little margin for error. This is IPOSignal's research view, not investment advice.
What is Kanohar Electricals IPO subscription status?
As of Final · Sep 10, 5:12 PM (Day 3 close), the issue was subscribed 90.6× overall — QIB 215.4×, NII / HNI 87.7×, Retail 20.5×.
Who is the registrar of Kanohar Electricals IPO?
The registrar is MUFG Intime India; the lead manager(s): Nuvama Wealth, IIFL Capital.