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Kanohar Electricals IPO opened for subscription on Tuesday, 8 September, and will close on Thursday, 10 September. The Kanohar Electricals IPO price band is set at ₹601– ₹632 per equity share, with a face value of ₹2 per share. The Kanohar Electricals IPO lot size is 23 equity shares, with investors allowed to bid in multiples of 23 shares thereafter. Kanohar Electricals IPO GMP today, or grey market premium, is +225. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Kanohar Electricals share price was indicated at ₹857 apiece, which is 35.60% higher than the IPO price of ₹632. Following the grey market movements observed over the past 11 sessions, the IPO's GMP is trending upward today, suggesting optimism for a robust listing. Throughout this timeframe, the GMP fluctuated between ₹0.00 and ₹225, according to experts. Kanohar Electricals IPO subscription status was 20.91x on day 3, so far. The retail portion is subscribed 14.20x, and the NII portion has been booked 51.10x; the QIBs portion received 10.03x bids. The company has received bids for 24,45,65,072 shares against 1,16,93,326 crore shares, 12:57 IST, as per BSE data. Anand Rathi said Kanohar Electricals offers exposure to the structural growth of India’s power transmission and distribution sector, supported by rising grid investments, renewable energy integration and increasing demand for high-voltage transformers. However, high customer concentration, dependence on transformer manufacturing and reliance on government and transmission utility orders warrant a measured valuation outlook. At the upper price band, the company is valued at 38.6x FY26 P/E and 28.0x FY26 EV/EBITDA, implying a post-issue market capitalisation of ₹5,005 crore. While the valuation is at a premium to Transformers & Rectifiers (India), Anand Rathi believes the premium is supported by Kanohar’s stronger recent growth and profitability. The brokerage has assigned a “Subscribe – Long Term” rating to the IPO. Swastika Investmart said Kanohar’s integrated transformer manufacturing and EPC capabilities position it well to participate in large power projects. However, the company remains exposed to concentration risk, with transformers accounting for 83% of FY26 revenue. FY26 revenue grew 45% to ₹653.8 crore, while PAT nearly doubled to ₹129.7 crore. Strong financial metrics, including ROE of 42.1%, ROCE of 70.1% and a low debt-to-equity ratio of 0.10x, highlight the company’s financial strength. Its ₹1,818-crore order book, equivalent to 2.8 times FY26 revenue, provides healthy revenue visibility. At around 34.5–36.3x FY26 EPS, Swastika considers the valuation reasonable compared with peers. The brokerage recommends the IPO to long-term investors, while noting that listing gains could be possible depending on market conditions. Kantilal Chhaganlal Securities said Kanohar commands a premium valuation over Transformers & Rectifiers (India), but believes the premium is justified by its significantly stronger recent revenue and EBITDA growth. The brokerage noted that the company’s in-house manufacturing and integrated capabilities could support better quality control, execution efficiency and scalability as transformer demand rises. It expects investments in power transmission and distribution, renewable energy integration, railway electrification and grid modernisation to drive sustained demand for transformers. Kantilal Chhaganlal Securities recommends subscribing to the issue with a long-term investment horizon. SBI Securities said that at the upper price band of ₹632, the issue is valued at 38.6x FY26 post-issue P/E, which it considers reasonable given Kanohar’s strong growth trajectory, niche certifications, robust order pipeline and favourable industry tailwinds. The brokerage recommends subscribing to the issue at the cut-off price. Arihant Capital said that at ₹632 per share, the issue is valued at approximately 38.58x FY26 earnings, depending on the share-count methodology used. It said the premium valuation is supported by strong earnings growth, improving margins, high ROCE and a sizeable order book. However, investors should monitor customer concentration, government and PSU dependence, execution risks, commodity-price volatility and the sustainability of recent margin expansion. Arihant Capital recommends subscribing to the IPO for investors with a medium- to long-term horizon. The ₹1,056-crore IPO comprises a fresh issue of up to ₹300 crore and an offer-for-sale (OFS) of up to 1.2 crore shares. At the upper end of the price band, the OFS is valued at ₹756 crore and will be offered by promoter K Sons Family Trust. Of the fresh issue proceeds, ₹64.1 crore will be allocated towards capital expenditure, including the purchase of machinery and equipment for the Gangol manufacturing facility, the expansion and automation of backwards integration facilities, civil construction and interior development of an office building, and sustainability initiatives. The company has earmarked another ₹155 crore to meet incremental working capital requirements, while the remaining proceeds will be used for general corporate purposes. Nuvama Wealth Management and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India is the registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. 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