Kanohar Electricals is set to make its stock market debut on the BSE and NSE today, with grey market trends pointing to a potentially strong listing. The company’s shares are currently commanding a grey market premium (GMP) of around 30%, indicating expectations of a listing significantly above the IPO issue price.
The strong grey market sentiment comes on the back of overwhelming investor demand for the public issue. The IPO was subscribed 90.59 times overall, with the retail portion booked 20.51 times. The non-institutional investor (NII) category saw subscription of 87.74 times, while the qualified institutional buyer (QIB) portion was subscribed a staggering 215.37 times.
The Rs 1,055.74-crore IPO comprised a fresh issue of 47.47 lakh shares worth Rs 300 crore and an offer for sale (OFS) of 1.20 crore shares amounting to Rs 755.74 crore.
Kanohar Electricals had fixed the IPO price band at Rs 601–Rs 632 per share, with a lot size of 23 shares.
Nuvama Wealth Management Limited and IIFL Capital Services Limited are the book-running lead managers for the issue, while MUFG Intime India Private Limited is the registrar.
Kanohar Electricals IPO GMP Today
The Grey Market Premium (GMP) for Kanohar Electricals stands at 31%, or Rs 192 per share, indicating a premium of roughly 30% over the IPO’s upper price band of Rs 632 per share.
At the current GMP, the estimated listing price is around Rs 824 per share, pointing to a potential listing gain over the IPO’s upper issue price.
GMP Note: The Grey Market Premium is an unofficial indicator of investor sentiment and is neither regulated nor guaranteed by stock exchanges. GMP levels can fluctuate ahead of listing, and the actual listing price may differ significantly from estimates based on grey-market trends.
Kanohar Electricals IPO: Objects of the Issue
Kanohar Electricals plans to use the net proceeds from the IPO primarily to fund its capital expenditure requirements, with an estimated allocation of Rs 64.18 crore. The company also proposes to deploy Rs 155 crore towards incremental working capital requirements.
The remaining proceeds will be utilised for general corporate purposes. Overall, the company plans to utilise approximately Rs 219.18 crore from the issue proceeds towards these objectives.
Kanohar Electricals reported a 45% year-on-year increase in total income, rising from Rs 457.30 crore in FY25 to Rs 662.86 crore in FY26. The company also recorded strong growth in profitability during the period. Profit after tax (PAT) nearly doubled, climbing 99% from Rs 65.12 crore in FY25 to Rs 129.73 crore in FY26, highlighting a significant improvement in its bottom line.
About Kanohar Electricals Ltd.
Kanohar Electricals Limited is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The Company operates across two segments: transformer manufacturing and EPC services. It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers. Kanohar operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The Company also has five regional offices across India and a workforce of 526+ employees.
