Kanohar Electricals IPO listing today: GMP at ₹192; Share price prediction ahead of NSE, BSE debut

Kanohar Electricals IPO will list today at 10:00 IST on BSE and NSE. The IPO was heavily subscribed, with a 90.59 times overall subscription and a grey market premium of +192, indicating a successful listing expected at ₹824 per share.

Kanohar Electricals IPO listing date has been scheduled for today (Wednesday, 16 September) on the bourses at 10:00 IST. Kanohar Electricals IPO allotment was finalised on Friday, 11 September. According to details on the BSE website, Kanohar Electricals share price will list in a special pre-open session on both the BSE and the NSE during Wednesday's trading. Kanohar Electricals share price today will be available for trade from 10:00 IST.

Trading Members of the Exchange are notified that from Wednesday, 16 September 2026, the equity shares of Kanohar Electricals Limited will be listed and permitted for trading on the Exchange within the 'B' Group of Securities, as per the BSE notice.

Kanohar Electricals IPO GMP today, or grey market premium, is +192. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Kanohar Electricals share price was indicated at ₹824 apiece, which is 30.38% higher than the IPO price of ₹632.

According to grey market activity observed over the past 16 sessions, the IPO's GMP is trending upward today, signalling expectations of a successful listing. Throughout this timeframe, the GMP fluctuated between a low of ₹0.00 and a high of ₹241, according to experts.

The Kanohar Electricals IPO subscription status was 90.59 times on the final day of bidding. According to NSE data, the Kanohar Electricals IPO received bids for 1,05,92,88,437 equity shares against 1,16,93,326 shares offered.

The Qualified Institutional Buyers (QIBs) portion was subscribed 215.37 times, while the Non-Institutional Investors (NIIs) category was subscribed 87.74 times. The Retail Individual Investors (RIIs) segment was subscribed 20.51 times.

The Kanohar Electricals IPO price band was set at ₹601- ₹632 per share, valuing the company at ₹1,056 crore at the upper end.

Kanohar Electricals IPO has reserved not more than 50% of the shares in the public issue for QIBs, not less than 15% for NIIs, and not more than 35%for retail investors.

Mahesh M. Ojha, Vice President – Research & Business Development at Kantilal Chhaganlal Securities Pvt Ltd, said Kanohar Electricals offers a credible long-term opportunity amid India’s expanding power transmission and distribution capex cycle.

Ojha highlighted the company’s strong financial performance, with revenue from operations growing at a 53.7% CAGR and EBITDA at a 141% CAGR during FY24–FY26, reflecting improving profitability and operating leverage. He also pointed to the company’s ₹18,183 million order book and presence across transmission, railways and renewable energy applications as key factors supporting growth visibility.

According to Ojha, Kanohar Electricals’ in-house manufacturing and integrated capabilities could support quality control, execution efficiency and scalability as transformer demand rises. He added that increasing investments in power transmission and distribution, renewable energy integration, railway electrification and grid modernisation are expected to sustain demand for transformers.

While the IPO is valued at a premium to Transformers & Rectifiers (India), Ojha said the premium is supported by Kanohar Electricals’ stronger recent revenue and EBITDA growth.

On the listing strategy, Ojha said IPO-allotted investors may consider booking partial listing gains while retaining the remaining holding for the long term. He expects a potential listing gain of around 25–27%.

The ₹1,056-crore IPO comprises a fresh issue of up to ₹300 crore and an offer-for-sale (OFS) of up to 1.2 crore shares. At the upper end of the price band, the OFS is valued at ₹756 crore and will be offered by promoter K Sons Family Trust.

Of the fresh issue proceeds, ₹64.1 crore will be allocated to capital expenditure, including the purchase of machinery and equipment for the Gangol manufacturing facility, expansion and automation of backwards integration facilities, civil construction and interior development of an office building, and sustainability initiatives.

The company plans to allocate ₹155 crore towards incremental working capital requirements, while the remaining proceeds will be utilised for general corporate purposes.

Nuvama Wealth Management and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India is the registrar.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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