Kanohar Electricals Limited IPO — the disclosed details
Opening soon
Kanohar Electricals Limited's IPO opens 8 September 2026 and closes 10 September 2026, bidding at Rs 601-632 per share; the Red Herring Prospectus is dated 2 September 2026.
This page restates what Kanohar Electricals Limited has filed for its initial public offering — the Red Herring Prospectus dated 2 September 2026 — as filed, with no added opinion. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Kanohar Electricals Limited (CIN U31909UP1972PLC003635) is a Meerut, Uttar Pradesh-headquartered transformer manufacturer. Citing a CARE Analytics and Advisory report the Company commissioned and paid for, the RHP describes Kanohar as one of the leading domestic players in transformer manufacturing by revenue in Fiscal 2026, and one of only five companies in India holding short-circuit test certification for 500 MVA 400 kV transformers used in power transmission. It is also one of four Indian manufacturers certified by the Research Designs and Standards Organisation (RDSO, Indian Railways’ R&D arm) to make 100 MVA 132 kV Scott transformers, and one of two certified for 100 MVA 220 kV Scott transformers.
The Company operates two segments: Transformer Manufacturing, and an EPC business undertaking turnkey installation of substations (air- and gas-insulated, up to 400 kV class) and transmission lines across 132–400 kV. Its Registered and Corporate Office is at Rithani, Delhi Road, Meerut. The Promoters are Dinesh Singhal (Chairman & Managing Director, IIT Roorkee graduate, 40+ years in transformer manufacturing), Adesh Singhal, Vivek Singhal, Abhishek Singhal, Virat Singhal, Aditya Singhal and the K Sons Family Trust.
A fact worth noting for context, stated on the RHP’s cover: Kanohar’s Equity Shares were listed on the Bombay Stock Exchange, the Delhi Stock Exchange and the Uttar Pradesh Stock Exchange between October and November 1995, then voluntarily delisted from all three between July and October 2010, citing low liquidity and trading volumes. This Offer is a fresh listing, not a relisting of those shares.
What the money is for
The Fresh Issue — up to Rs 3,000 million (~Rs 300 Cr) — is proceeds to the Company. The Offer for Sale is a fixed count of up to 1,19,57,915 Equity Shares by the Promoter Selling Shareholder; that money goes to the selling shareholder, not to the Company.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Capital expenditure — new machinery at the Gangol Manufacturing Facility, civil construction/interior work there, plus solar power plants and electric handling vehicles across both facilities | Rs 641.83 million |
| Funding incremental working capital requirements | Rs 1,550.00 million |
| General corporate purposes | Balance of Net Proceeds, not exceeding 25% of Gross Proceeds |
| Selling shareholder | Category | Equity Shares offered | Weighted average acquisition cost |
|---|---|---|---|
| K Sons Family Trust | Promoter Selling Shareholder | Up to 1,19,57,915 | Nil |
Acquisition cost is per the RHP, certified by Pawan Shubham & Co., Chartered Accountants, in a certificate dated 2 September 2026.
What the RHP flags as risks
The RHP lists these among the Company’s own risk factors, paraphrased here without added commentary:
- Revenue is concentrated in the Transformer Manufacturing segment, with EPC as the smaller of the two business lines; a reduction in transformer demand would disproportionately affect the business.
- Customer concentration. The top 10 customers together accounted for a majority of revenue from operations in the fiscals reported, with Customer 1 alone contributing 31.28% of revenue from operations in Fiscal 2026.
- Tender and government-counterparty dependence. A significant portion of revenue depends on tenders awarded by government-controlled entities, and the Company is exposed to the risk of disqualification, suspension or blacklisting by government authorities.
- Manufacturing and geographic concentration. A significant portion of revenue is generated from the Company’s Manufacturing Facilities (notably the Gangol facility), and its business is concentrated in Rajasthan, Punjab, Gujarat, Bihar and other named states.
- Raw-material supplier dependence, with no long-term agreements in place for procurement.
- 34 public shareholders are currently untraceable. They collectively hold 2,08,000 Equity Shares (including 1,56,000 shares from a bonus issue on 19 September 2025) that the Company has been unable to credit to their demat accounts despite multiple attempts; these shares sit in an “Unclaimed Security Suspense Escrow Account” and will carry the standard six-month post-Allotment lock-in once credited.
The numbers as filed
| Item | As filed |
|---|---|
| Face value | Rs 2 per Equity Share |
| Price band | Rs 601 (floor) – Rs 632 (cap) per share (as reported; not fixed in the RHP itself) |
| Fresh issue | Up to Rs 3,000 million (~Rs 300 Cr) |
| Offer for Sale | Up to 1,19,57,915 Equity Shares |
| Aggregate issue size | Up to ~Rs 1,056 Cr (as reported) |
| Lot size | 23 Equity Shares |
| Minimum retail investment | Rs 14,536 for 1 lot at the cap price |
The RHP itself leaves the Offer Price, the exact Fresh Issue share count and the aggregate Offer value as blanks, to be filled in once the Offer Price is fixed through the Book Building Process. The Rs 601–632 band is as reported by Chittorgarh, not stated as a number in the RHP itself. At the Rs 632 cap, the Fresh Issue works out to approximately 47,46,835 shares (Rs 3,000 million ÷ Rs 632), which combined with the fixed 1,19,57,915-share Offer for Sale gives a total offer of approximately 1,67,04,750 shares — matching the ~Rs 1,056 Cr aggregate size reported by trackers.
Restated financials, as filed in the RHP:
| Particulars (Rs million) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations | 6,538.39 | 4,506.12 | 2,766.90 |
| Profit for the year (PAT) | 1,297.33 | 651.18 | 177.55 |
In Rs crore (own conversion, 1 crore = 10 million): revenue ~653.84 / 450.61 / 276.69; PAT ~129.73 / 65.12 / 17.76, for FY2026 / FY2025 / FY2024 respectively.
Who can actually sell on listing day
The RHP’s lock-in schedule determines who is free to sell Kanohar Electricals shares on the day the stock lists. Note that the Offer for Sale shares come out of the Promoter Trust’s own pre-Offer holding — the Trust is both the near-entire pre-Offer shareholder and the Selling Shareholder.
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoter’s Contribution (20% of post-Offer capital) | 18 months from the date of Allotment |
| Promoter Trust’s holding above the 20% minimum | 6 months from the date of Allotment |
| All other pre-Offer shareholders (non-promoter, non-OFS) | 6 months from the date of Allotment, with carve-outs for VCF/AIF (Category I or II)/FVCI holdings, which instead lock 6 months from their own date of purchase |
| Anchor Investors | 50% of shares allotted locked 90 days from Allotment; the remaining 50% locked 30 days from Allotment |
The figures below are computed from the RHP’s own share counts (7,44,40,000 shares pre-Offer, of which the Promoter Trust holds 7,22,03,991; 1,19,57,915 OFS shares fixed) combined with the as-reported Rs 632 cap price, since the RHP itself leaves the Fresh Issue share count and post-Offer capital as blanks pending the Offer Price:
| Step | Shares (computed at Rs 632 cap) | % of post-issue capital |
|---|---|---|
| Fresh issue (computed) | 47,46,835 | 5.99% |
| Offer for Sale (fixed, from the Promoter Trust’s holding) | 1,19,57,915 | 15.10% |
| Total offer | 1,67,04,750 | 21.09% |
| Locked or not offered — the rest of the register (remaining Promoter Trust holding + other pre-Offer holders) | 6,24,82,085 | 78.91% |
| Post-issue capital (computed) | 7,91,86,835 | 100.00% |
Anchor allocation was not finalised as of this page’s publication (anchor bidding takes place one working day before the Bid/Offer opens, i.e. around 4–5 September 2026 for an 8 September open) — up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, and QIBs get not more than 50% of the Offer, so anchor allocation could run from 0 up to roughly 50,00,000 shares (about 6% of post-issue capital), locked 30/90 days. That portion, once finalised, would come out of the 21.09% “Total offer” figure above, not add to it. The final split lands with the exchanges’ published anchor list.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
This table reflects the RHP dated 2 September 2026, as of 3 September 2026, and the derived figures above are this page’s own arithmetic, not numbers stated as such in the RHP.
Dates and mechanics
| Event | Date |
|---|---|
| Bid/Offer opens | Tuesday, 8 September 2026 |
| Bid/Offer closes (UPI mandate confirmation by 5:00 p.m.) | Thursday, 10 September 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange | On or about Friday, 11 September 2026 |
| Allotment / credit to demat accounts; initiation of refunds and ASBA unblock | On or about Tuesday, 15 September 2026 |
| Listing on BSE and NSE | On or about Wednesday, 16 September 2026 |
| Bucket | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| — of which, Anchor Investor Portion (discretionary) | Up to 60% of the QIB Portion |
| — Net QIB Portion reserved for Mutual Funds | 5% of the Net QIB Portion |
| Non-Institutional Bidders (NII) | Not less than 15% (one-third for bids >Rs 2,00,000 up to Rs 10,00,000; two-thirds for bids >Rs 10,00,000) |
| Retail Individual Bidders (RIB) | Not less than 35% |
Book Running Lead Manager: IIFL Capital Services Limited. Registrar: MUFG Intime India Private Limited.
How to read this page
Link back to the explainer: how an Indian IPO actually works covers the buckets, the allotment lottery, the T+3 timeline, and the general lock-in framework behind the listing-day-float section above.
Information as of 3 Sep 2026, taken from the RHP linked above. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus dated 2 Sep 2026 (hosted by IIFL Capital Services, book running lead manager) -- fetched and fully processed this session (pdftotext-equivalent full-text extraction, 29,923 lines) →
- Chittorgarh -- Kanohar Electricals IPO page (as reported: price band, lot size, dates cross-check) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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