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KSH International Ltd, a manufacturer of magnet winding wires, made a subdued debut on the stock exchanges after its initial public offering (IPO) received a lukewarm response from investors. The shares listed at Rs 370, below the upper end of the IPO price band of Rs 384.

On the BSE and NSE, KSH International traded at Rs 370, down Rs 14 or 3.65 per cent from the issue price, indicating a discount listing. The muted debut came after the IPO was subscribed 83 per cent on the final day of bidding.

The Rs 710-crore IPO, which was open earlier this week, received bids for 1.12 crore shares against 1.36 crore shares on offer, according to NSE data. Among investor categories, only the Qualified Institutional Buyers (QIBs) portion was fully subscribed at 1.06 times, while Retail Individual Investors (RIIs) subscribed to 86 per cent of their quota. The non-institutional investors (NIIs) segment saw weaker demand, with just 42 per cent subscription.

Ahead of the IPO, KSH International had raised Rs 213 crore from anchor investors, providing some confidence to the issue. However, overall subscription remained below full, which weighed on listing-day performance.

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The Pune-based company had fixed the price band at Rs 365–Rs 384 per share. The IPO consisted of a fresh issue worth Rs 420 crore and an offer for sale (OFS) of Rs 290 crore by promoters.

Proceeds from the fresh issue are earmarked for multiple uses, including repayment of debt, capacity expansion through new machinery at its Supa facility, and setting up additional machinery at Chakan, Pune.

The company also plans to invest in a rooftop solar power plant at its Supa facility and use part of the funds for general corporate purposes.

Founded in 1981, KSH International is part of the KSH Group and has over four decades of experience in manufacturing standard and specialised magnet winding wires. The company sells its products under the ‘KSH’ brand. It caters to 117 customers, including major names such as BHEL, Siemens Energy India, Hitachi Energy India, Bharat Bijlee, and Virginia Transformer Corporation.

KSH International also has a strong global presence, exporting to 24 countries, including the US, Germany, Japan, the UAE, Saudi Arabia, and Spain.