Kanohar Electricals IPO is subscribed 16.92 times on Day 3, with Non-Institutional Buyers (bHNI) leading the charge at 40.1x. The issue closed on 10-09-2026, setting the stage for allotment next week.

Subscription Status

The IPO has seen accelerating demand throughout its three-day run. On Day 1, the issue was subscribed 2.65x. By Day 2, total subscription jumped to 8.88x. On Day 3, the cumulative subscription reached 16.92x by the close of trading. NII (bHNI) demand surged significantly, ticking up from 33.27x at 11:15 AM to 40.1x by 12:15 PM. Retail investors also picked up pace, jumping 14.9% in the same window.

Intra-day Timeline

As of 12:15 PM on Day 3, the subscription stood at 16.92x overall. QIB demand was recorded at 6.92x, while Retail investors subscribed 12.75x. The NII (bHNI) category remained the strongest driver, racing ahead to 40.1x.

Category-wise Breakdown

Non-Institutional Buyers have shown overwhelming interest, with both bHNI and sHNI segments exceeding 39x subscription. Retail participation has also grown steadily from 3.24x on Day 1 to 12.75x on Day 3. Qualified Institutional Buyers picked up pace late in the process, rising from 0.02x on Day 1 to 6.92x on Day 3. Employee quota remains unsubscribed at 0x.

Offer Details

Kanohar Electricals has priced its IPO in the band of ₹601.00000 to ₹632.00000. The minimum bid quantity is 23 shares. The issue size ranges from ₹14,536 lakh to ₹5,00,000 lakh. The IPO opened on 08-09-2026 and closed on 10-09-2026.

What's Next

Allotment is scheduled for 11-09-2026. The shares are set to list on 16-09-2026.

About the Company

Kanohar Electricals Limited is a leading domestic player in transformer manufacturing in India. Founded in 1972, it operates two business segments: Transformer Manufacturing Business and EPC Business. The company manufactures power, traction, Scott, shunt reactors, and distribution transformers. It operates two facilities in Meerut, Uttar Pradesh, with an aggregate capacity of 19,200 MVA. It is one of five companies in India certified for 500 MVA 400 kV transformers.

Financial Highlights

The company reported revenue from operations of ₹653.84 crores for the year ended 31/03/2026, up from ₹450.61 crores in FY2025. Total profit increased to ₹129.73 crores in FY2026 from ₹65.12 crores in FY2025.

Objects of the Issue

• Purchase of new machinery and equipment for increasing transformer manufacturing capacity: ₹40.00 crores
• Civil construction and interior development of an office building at Gangol Manufacturing Facility: ₹12.04 crores
• Enhancing sustainability initiatives by setting up solar power plants and purchasing Electric Vehicles: ₹12.15 crores
• Funding incremental working capital requirements: ₹155.00 crores
• General corporate purposes: Balance proceeds

Risk Factors

• Significant Revenue Dependence on Transformer Manufacturing Business: 83.43% of revenue derived from this segment in Fiscal 2026.
• High Customer Concentration Risk: Top 10 customers contributed 93.16% of revenue in Fiscal 2026.
• Heavy Dependence on Government Tenders and Contracts: 85.37% of revenue came from government entities in Fiscal 2026.