Kanohar Electricals IPO
Kanohar Electricals IPO is a mainboard IPO raising ₹1,056 Cr at ₹601 – ₹632 a share. It listed on 16 Sept 2026 at ₹686, +8.5% against its issue price of ₹632, and trades at ₹941 today (+48.8% since issue). It was subscribed 91× in total.
90.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
72% of this issue is existing shareholders cashing out. Only ₹300 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs632. Checked: exchange issue size Rs1056 Cr vs derived Rs1055.7 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 65% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Hitachi Energy India Limited | 159.55× | 19.08% | ₹221.63 |
| Bharat Heavy Electricals Limited | 91.3× | 6.13% | ₹4.6 |
| Schneider Electric Infrastructure Limited | 155.12× | 28.98% | ₹8.89 |
| CG Power and Industrial Solutions Limited | 114.77× | 15.82% | ₹7.71 |
| Transformers & Rectifiers (India) Limited | 32.19× | 17.64% | ₹9.07 |
| GE Vernova T&D India Limited | 89.37× | 45.85% | ₹48.16 |
| This issue | 36.3× | 34.8% | ₹17.43 |
derived: cut-off price Rs632 / stated EPS Rs17.43 (Fiscal 2026 diluted EPS (face value ₹2), restated consolidated, per Kanohar Electricals Limited basis). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.