Strong Market Debut Expected
Kanohar Electricals IPO scheduled for debut with expected thirty eight percent premium listing.
Anonymous
Key Points
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Kanohar Electricals’ IPO subscription was especially strong among Qualified Institutional Buyers, whose portion was subscribed 215.37 times, compared with 87.74 times for non-institutional investors and 20.51 times for retail investors.
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The company reported FY26 revenue of ₹653.8 crore and profit of ₹129.73 crore; its ₹1,818-crore order book was approximately 2.8 times its FY26 annual revenue.
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Kanohar’s IPO proceeds are earmarked partly for capital expenditure of ₹64.18 crore and incremental working capital of ₹155 crore, with the remainder intended for general corporate purposes.
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Kanohar shares were scheduled to enter a special pre-open session on both exchanges at 10:00 IST and be listed in the BSE’s ‘B’ group of securities.
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Jindal Supreme (India) set a minimum retail application size of 161 shares, requiring an investment of ₹14,973 at the upper end of its price band; allotment was expected on September 21 and exchange listing on September 23.
Kanohar Electricals is set to list on the NSE and BSE on September 16 with a grey-market premium of 30%–38%, valuing the debut between ₹824–₹873 against its ₹632 issue price. The ₹1,056-crore IPO drew massive institutional demand, with qualified buyers subscribing 215.37 times their allocation, and the company's ₹1,818-crore order book—nearly 2.8 times its annual revenue—signals strong growth in transmission, railways and renewable energy sectors.
Concurrently, Jindal Supreme (India) opens its ₹124.88-crore IPO on September 16, with unofficial grey-market estimates suggesting a ₹120 listing price versus the ₹93 upper band. Analysts caution that both companies face headwinds from customer concentration and dependence on government contracts, though strong institutional backing reflects confidence in their near-term prospects.
Kanohar's IPO Oversubscribed by Institutions in Record Deal
Kanohar Electricals' ₹1,056-crore IPO drew overwhelming institutional appetite. Qualified Institutional Buyers subscribed at 215.37 times their allocated portion, compared with 87.74 times for non-institutional investors and just 20.51 times for retail. Overall subscription hit 90.59 times, making it one of India's most sought-after industrial listings in 2026.
The company's financial profile justifies the demand. In FY26, Kanohar reported revenue of ₹653.8 crore and profit of ₹129.73 crore. Its order book stands at ₹1,818 crore—providing visibility for nearly three years of revenue. IPO proceeds will fund ₹64.18 crore in capital expenditure and ₹155 crore in working capital, with remainder for general corporate use.
Strong Order Book Masks Dependence on Government Contracts
While Kanohar's order book is impressive, analysts flag key risks. The company relies heavily on government utilities and infrastructure tenders for transmission, railway and renewable energy projects. Customer concentration—where a handful of state-owned entities account for most revenue—creates vulnerability to policy shifts or project delays.
Transformer manufacturing represents Kanohar's core business. This segment, though profitable, faces intense competition and commodity price swings. Margin pressure could emerge if input costs spike or competition intensifies, offsetting gains from the growing renewable energy order pipeline.
Jindal Supreme Taps Market Amid Strong Retail Interest
Jindal Supreme (India)'s ₹124.88-crore IPO mirrors Kanohar's bullish market sentiment. The offering comprises ₹99.89 crore in fresh equity and ₹24.99 crore in secondary sale. Minimum retail investment is set at ₹14,973 for 161 shares at the ₹93 upper price band. Grey-market premium of ₹27 suggests debut around ₹120, a 29% jump.
Allotment for Jindal Supreme is expected September 21, with exchange listing on September 23. Day-one subscription data showed solid retail participation, though final numbers remain unofficial. Such grey-market premiums are estimates only and carry no guarantee of actual listing performance.
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