Kanohar Electricals IPO drew strong demand on the second day of bidding, with subscriptions passing 10 times the shares available, according to separate reports from The Economic Times and Moneycontrol. The issue remains open through September 10, 2026, while the grey-market premium has become a closely watched but unofficial indicator of investor sentiment.

Moneycontrol reported that the offer was subscribed 10.2 times by 5 p.m. on September 9, citing data from the National Stock Exchange. Investors submitted bids for 11,95,22,444 equity shares against 1,16,93,326 shares on offer. Non-institutional investors led the response, with that portion booked 19.22 times, while the retail portion reached 8.49 times.

The Economic Times reported a similar overall subscription figure of 10.22 times. Its breakdown put the retail portion at 8.49 times, the non-institutional segment at 19.22 times and the qualified institutional buyer portion at 6.50 times. The figures describe demand recorded during the issue period and do not guarantee the eventual listing performance.

The IPO has a price band of Rs 601 to Rs 632 per share. A retail investor applying at the upper end must bid for at least 23 shares, requiring Rs 14,536 for one lot. The issue is valued at Rs 1,055.74 crore and combines a fresh issue of up to Rs 300 crore with an offer for sale of up to 1.2 crore shares.

The company has said the fresh capital will support business needs rather than serve only as an exit for existing holders. Moneycontrol reported that Rs 64.1 crore is planned for capital expenditure, including machinery and equipment for the Gangol manufacturing facility, expansion and automation of backward-integration facilities, office construction and sustainability initiatives. Another Rs 155 crore is earmarked for incremental working capital, with the balance for general corporate purposes.

Kanohar Electricals is a transformer manufacturer whose operations serve power transmission, railways, renewable energy and power distribution. The Economic Times reported that the company runs two manufacturing facilities in Meerut, Uttar Pradesh, and operates both a transformer-manufacturing business and an engineering, procurement and construction segment.

The company’s recent financial figures were also part of the published IPO coverage. The Economic Times reported that total income increased from Rs 457.30 crore in financial year 2025 to Rs 662.86 crore in financial year 2026. Profit after tax rose from Rs 65.12 crore to Rs 129.73 crore over the same period, based on the figures reported in the article.

The grey-market premium requires more caution. Moneycontrol said the premium was 35.13% on September 9, while The Economic Times reported a level of about Rs 218 per share, or around 35% over the upper price band. Both reports stressed that the grey market is unofficial, can move quickly and is not a promise of a listing gain.

The offer received Rs 316.72 crore from anchor investors before the public bidding began, Moneycontrol reported. The anchor book included 42 financial institutions from India and overseas, while Nuvama Wealth Management and IIFL Capital Services were identified as the book-running lead managers.

The allotment is expected to be finalised on September 11, and the shares are expected to list on the NSE and BSE on September 16, according to the two reports. For readers tracking the IPO, the most defensible current signal is the recorded subscription data, not the grey-market estimate. Final allotment, exchange trading and the company’s results will provide the stronger tests of investor demand.