Kanohar Electricals Limited is set to launch its initial public offering (IPO) in the Indian primary market.
The IPO will open for subscription on September 8, 2026, and close on September 10, 2026. The company has fixed a price band of ₹601 to ₹632 per equity share, with a minimum lot size of 23 shares.
At the upper price band, one lot requires an investment of ₹14,536.
For investors following the issue, understanding how QIB, NII and retail investors participate can help in reading subscription demand once the bidding window opens.
What Happened
Kanohar Electricals Limited filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) on September 3, 2026.
The company is offering up to 1,67,04,750 equity shares through a combination of a fresh issue and an Offer for Sale (OFS).
The total issue size is approximately ₹1,055.74 crore at the upper price band.
The fresh issue is worth up to ₹300 crore, while the Offer for Sale is worth up to approximately ₹755.74 crore.
The equity shares are proposed to be listed on both the NSE and BSE.
Kanohar Electricals IPO: Key Numbers
| Detail | Figure |
|---|---|
| IPO Opening Date | September 8, 2026 |
| IPO Closing Date | September 10, 2026 |
| Price Band | ₹601–₹632 per share |
| Lot Size | 23 shares |
| Minimum Investment | ₹14,536 at upper band |
| Face Value | ₹2 per share |
| Total Issue Size | ₹1,055.74 crore |
| Fresh Issue | ₹300 crore |
| Offer for Sale | ₹755.74 crore |
| Issue Type | Book Built |
| Listing | NSE and BSE |
| QIB Reservation | 50% |
| NII Reservation | 15% |
| Retail Reservation | 35% |
| QIB Subscription | Not available yet |
| NII Subscription | Not available yet |
| Retail Subscription | Not available yet |
| Tentative Allotment | September 11, 2026 |
| Refund / Fund Unblock | September 15, 2026 |
| Share Credit | September 15, 2026 |
| Tentative Listing | September 16, 2026 |
As of September 5, 2026, the IPO has not opened for public bidding. Therefore, official QIB, NII, retail and overall subscription multiples are not available yet.
Why Subscription Data Matters
Subscription data helps investors understand the level of demand an IPO receives from different investor categories.
A subscription multiple compares the number of shares investors have bid for with the number of shares available in that category.
For example, if 1 crore shares are available and investors submit bids for 3 crore shares, the category is subscribed 3 times.
Subscription figures are useful for understanding demand, but they should not be treated as a guarantee of listing gains or future stock performance.
In Simple Words
QIB — Qualified Institutional Buyers
QIBs are eligible institutional investors such as mutual funds, insurance companies and other qualified financial institutions.
The QIB category accounts for 50% of the offered shares, including the portion allocated to anchor investors.
Institutional demand is closely watched because it can provide an indication of participation from professional investors.
NII — Non-Institutional Investors
NIIs are investors who fall outside the retail category.
This segment includes high-net-worth individuals and other eligible non-institutional investors.
The NII category has been allocated 15% of the offered shares.
Retail Individual Investors
Retail investors are individual investors applying within the prescribed retail application limit.
The retail category has been allocated 35% of the offered shares.
For Kanohar Electricals, one minimum lot contains 23 shares.
At the upper price band of ₹632, the minimum application amount is ₹14,536.
ASBA — Application Supported by Blocked Amount
ASBA allows the IPO application amount to remain blocked in the investor's bank account instead of being immediately debited.
If shares are allotted, the required amount is debited. If the investor does not receive an allotment, the blocked funds are released according to the applicable process.
Investors can also use UPI-based IPO applications through supported brokers and banks.
Kanohar Electricals IPO Subscription Status
The Kanohar Electricals IPO will open for public subscription on September 8, 2026.
As of September 5, the issue has not opened, so there are currently no official subscription figures for QIBs, NIIs or retail investors.
The subscription data will become available once bidding starts.
Investors should monitor the numbers throughout the three-day bidding period instead of relying on estimates before the issue opens.
What to Watch Once the IPO Opens
Once bidding begins, investors can track several important indicators.
1. Overall Subscription
The overall subscription figure combines demand across investor categories.
A higher overall subscription indicates stronger demand, but it does not tell the complete story.
For example, a high overall number driven mainly by one category may mean something different from strong demand across QIB, NII and retail investors.
2. QIB Demand
QIB demand is one of the key figures to monitor.
Institutional investors often submit a significant portion of their bids toward the later part of the IPO period, so the QIB number can change considerably between the opening day and the final day.
3. NII Demand
NII demand can also rise quickly during the IPO because applications in this category can be significantly larger than retail applications.
A heavily oversubscribed NII category can make allotment more difficult for individual applicants in this segment.
4. Retail Demand
Retail subscription shows participation from individual investors.
If the retail category becomes heavily oversubscribed, individual applicants may face lower chances of receiving an allotment.
The final allotment depends on the number of valid applications and shares available under the applicable allocation rules.
Kanohar Electricals IPO GMP
The Grey Market Premium, or GMP, is an unofficial indicator of sentiment toward an upcoming IPO.
As of September 4, 2026, Kanohar Electricals IPO was being reported at a GMP of around ₹200 per share in the unofficial grey market.
At the upper price band of ₹632, this would indicate an unofficial implied price of approximately ₹832.
However, GMP should not be treated as a guaranteed listing price.
The grey market is unofficial and is not regulated by SEBI. GMP can change significantly before the actual listing.
Investors should therefore use GMP only as a supplementary market-sentiment indicator and not as the primary reason to apply for an IPO.
What Does Kanohar Electricals Do?
Kanohar Electricals Limited is a transformer manufacturing and engineering, procurement and construction (EPC) company operating in the power transmission and distribution sector.
The company manufactures transformers used across power transmission, railways, renewable energy and power distribution.
Its EPC business includes the design, engineering, procurement, supply, erection, testing and commissioning of electrical infrastructure.
The company also undertakes turnkey installation of air-insulated and gas-insulated substations, bay augmentation and transmission-line projects.
Manufacturing Capabilities
Kanohar Electricals operates two manufacturing facilities in Meerut, Uttar Pradesh.
As of March 31, 2026, the combined transformer manufacturing capacity of these facilities was approximately 19,200 MVA.
The company also has short-circuit test certification for 500 MVA, 400 kV transformers.
According to the company's RHP, it had conducted short-circuit testing for more than 200 transformer ratings at recognised testing laboratories.
The company also has certifications for specialised railway transformers.