Bidding closedMainboardElectric EquipmentKANOHAR

Kanohar Electricals IPO

Kanohar Electricals IPO is a mainboard IPO raising ₹1,056 Cr at ₹601 – ₹632 a share. The smallest application you can make is 23 shares, costing ₹14,536 at the top of the band. Bidding has closed; the shares list on 16 Sept 2026. So far it has been subscribed 91× in total.

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₹601 – ₹632

Price band

₹14,536

Minimum to apply (23 shares)

₹1,056 Cr

Issue size

10 Sept 2026

Bidding closes

91×Subscribed · all exchanges

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.

Fresh issue — to the company₹300 Cr

Offer for sale — to existing holders₹756 Cr

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.

Funding the incremental working capital requirements of the Company₹155 Cr

Funding the capital expenditure requirements towards (i) purchase of new machinery and equipment for Gangol Manufacturing Facility; (ii) civil construction and interior development of office building at Gangol Manufacturing Facility; and (iii) enhancing sustainability initiatives by setting up solar power plants and purchasing Electric Vehicles₹64 Cr

Sub-component: Purchase of new machinery and equipment for Gangol Manufacturing Facility (increasing transformer manufacturing capacity, expanding/automating backward integration facilities, enhancing operational efficiency)₹40 Cr

Sub-component: Civil construction and interior development of office building at Gangol Manufacturing Facility₹12 Cr

Sub-component: Setting up rooftop solar power plants at Manufacturing Facilities₹10 Cr

Sub-component: Purchasing Electric Vehicles (electric trucks and forklifts) for Gangol Manufacturing Facility₹2 Cr

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.

36.3×earnings — this issue

103×median of its named peers

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.

Price band₹601 – ₹632

Cut-off price₹632

Issue size₹1,056 Cr

Shares per lot23

Minimum application₹14,536

Minimum quantity23

Face value₹2

Listing exchangesBSE,NSE

ISININE877D01025

Bidding hours10:00 – 17:00 IST

Bidding window8 Sept 2026 – 10 Sept 2026

Not here yet

The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.