Kanohar Electricals Launches Rs 1,055.74-Crore IPO, Second-Largest Issue in Uttar Pradesh by Homegrown Manufacturer

New Delhi, Sep 8 (KNN) Kanohar Electricals Ltd, a Meerut-based manufacturer of power equipment, has launched an Initial Public Offering (IPO) worth Rs 1,055.74 crore, with the issue opening on September 8, 2026.

The IPO will remain open for subscription until September 10. The company has fixed the price band at Rs 601 to Rs 632 per equity share, while the retail portion of the issue was subscribed within hours of opening.

According to reports, Kanohar Electricals’ IPO is the second-largest issue floated by an Indian manufacturing company based in Uttar Pradesh. The largest issue by an Indian manufacturer in the state was recently floated by Kanpur-based Lohia Group, which raised Rs 1,100 crore.

Kanohar Electricals manufactures power, traction and distribution transformers and shunt reactors. The company has also recently entered the execution of EPC projects for substations and transmission lines.

The company operates two manufacturing facilities in Meerut, located at Rithani and Gangol.

The IPO’s anchor investor list includes ICICI Prudential Mutual Funds, Kotak Mahindra Mutual Fund, HSBC Global Investment Funds, HDFC Life Insurance Company Limited, Ashoka Whiteoak ICAV – Ashoka Whiteoak Emerging Markets Equity Fund, Allianz Global Investors Fund – Allianz India Equity and VQ FasterCap Fund, among others.

Nuvama Wealth Management and IIFL Capital Services are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

The company’s financial performance also showed strong growth in FY26. Its total income increased to Rs 662.86 crore in the financial year ended March 31, 2026, from Rs 457.30 crore in FY25, representing growth of around 45 per cent.

Kanohar Electricals has developed a specialised position in the transformer market. The company is among only four manufacturers approved by the Research Designs and Standards Organisation (RDSO) for 100 MVA transformers and manufactures transformers of up to 500 MVA and 132 kV, a range in which there are only a few manufacturers in India.

Dinesh Singhal, Chairman and Managing Director of Kanohar Electricals, is an IIT Roorkee alumnus. He has also been the founder President of the Indian Industries Association (IIA) and a founder member of the Federation of Indian Micro and Small & Medium Enterprises (FISME).

(KNN Bureau)