Investors have three new choices starting September 8 as Kanohar Electricals, Prasol Chemicals, and Glass Wall Systems open their IPOs for bidding. With a combined issue size exceeding ₹1,900 crore, the offerings include both fresh capital raises and substantial offer-for-sale (OFS) components. The subscription window remains open until September 10, 2026.
The Indian primary market sees a busy start this week with three mainboard IPOs—Kanohar Electricals, Prasol Chemicals, and Glass Wall Systems—opening for public subscription on September 8, 2026. These companies, operating in distinct sectors like transformer manufacturing, specialty chemicals, and architectural facade solutions, aim to raise capital for various business requirements.
Issue Structures and Pricing
Kanohar Electricals is the largest of the three, seeking to raise approximately ₹1,056 crore. The price band is set between ₹601 and ₹632 per share. The issue comprises a fresh capital raise of ₹300 crore, aimed at supporting business operations and debt reduction, alongside an offer-for-sale (OFS) of ₹756 crore by existing shareholders.
Prasol Chemicals has launched its ₹500 crore IPO with a price band of ₹643–₹676 per share. The company plans to use a portion of the ₹80 crore fresh issue for capital expenditure and general corporate purposes, while the bulk of the offering—₹420 crore—is an OFS.
Glass Wall Systems, which operates in the facade infrastructure space, targets ₹428 crore at a price band of ₹172–₹182 per share. Similar to its peers in this IPO batch, the issue is heavily weighted toward an OFS of nearly ₹368 crore, with a smaller fresh issue of ₹60 crore intended for working capital and other business needs.
Important Considerations for Investors
A notable feature across all three offerings is the significant proportion of offer-for-sale (OFS) components. In an OFS, existing promoters or investors sell their stakes, meaning the proceeds from that portion do not flow into the company's growth projects. Investors typically monitor the ratio of fresh issue versus OFS, as a high OFS can signal that existing stakeholders are cashing out their investment.
Beyond the offer structure, each company faces specific industry challenges. Kanohar Electricals relies on the transformer market, which is sensitive to power sector infrastructure spending. Prasol Chemicals faces the inherent volatility of the global specialty chemicals industry, where raw material costs and demand can fluctuate. Glass Wall Systems operates in the infrastructure and real estate supply chain, meaning its growth is tied to ongoing construction project cycles and order execution timelines. Concentration risk, where a large portion of revenue comes from a few key clients, is another factor mentioned in their respective offer documents.
The subscription period for all three IPOs concludes on September 10, 2026. Listing on the BSE and NSE is currently expected on September 16, 2026. Before bidding, investors should carefully review the Red Herring Prospectus (RHP) available on the stock exchange websites to understand the specific risks, including contingent liabilities, debt levels, and the financial performance of each entity.