New IPO Alert: ₹710 Crore Offering Opens December 16 with Strong Fundamentals

Introduction

KSH International Limited, one of India’s leading manufacturers and the largest exporter of magnet winding wires, is set to launch its mainboard Initial Public Offering (IPO) in December 2025. This comprehensive guide provides detailed insights into the KSH International IPO, covering everything from subscription details to financial performance, helping investors make informed investment decisions.

Founded in 1979, KSH International has established itself as a key player in the specialized electrical wiring segment, catering to critical sectors including power generation, renewable energy, railways, automotive, and industrial applications. With a proposed issue size of ₹710 crores, this IPO represents a significant opportunity for retail and institutional investors to participate in India’s growing electrical manufacturing sector.

KSH International IPO Structure & Pricing

Understanding the Issue Composition

The KSH International IPO comprises a total issue size of ₹710 crores, structured as a combination offering that balances capital raising with liquidity provision for existing shareholders.

Fresh Issue Component: The company will issue 1,09,37,500 new equity shares aggregating to ₹420 crores. This fresh capital injection will strengthen the company’s balance sheet, fund expansion initiatives, and support debt reduction objectives. Fresh issue proceeds directly benefit the company by providing working capital and funding strategic investments.

Offer for Sale Component: Existing shareholders will offload 75,52,083 equity shares worth ₹290 crores through the Offer for Sale (OFS) mechanism. This component provides liquidity to current stakeholders while increasing the public float of the company’s shares.

Price Band and Face Value Details

The price band of ₹365 to ₹384 reflects a premium of 73x to 76.8x over the face value, indicating the company’s established market position and growth potential. Investors can bid at any price within this range or opt for the cut-off price option.

Market Capitalization

Pre-IPO Market Cap: ₹2,601.82 crores (based on upper price band)

This valuation positions KSH International as a mid-cap company with significant growth runway in the specialized electrical components manufacturing sector.

KSH International IPO Timeline (Tentative Schedule)

Understanding the IPO timeline is crucial for investors to plan their applications, track allotment status, and prepare for listing day trading strategies.

Complete IPO Schedule

Important Timeline Notes

Subscription Window: The IPO will remain open for subscription for three working days, from December 16 to December 18, 2025. Investors should complete their applications within this timeframe.

UPI Mandate Acceptance: Retail investors applying through UPI must ensure their mandates are accepted by 5:00 PM on the closing date (December 18, 2025). Late acceptance may result in application rejection.

Allotment Finalization: The basis of allotment will be finalized on December 19, 2025, in consultation with the BSE. Investors can check their allotment status through the registrar’s website.

Listing Timeline: Shares are expected to list on both BSE and NSE on December 23, 2025, subject to regulatory approvals and market conditions.

Lot Size & Investment Requirements

Minimum Application Size

The minimum application lot for KSH International IPO is 39 equity shares. At the upper price band of ₹384, the minimum investment required is ₹14,976.

Category-Wise Investment Requirements

Retail Individual Investors (RII)

Retail investors can apply for a minimum of 1 lot and a maximum of 13 lots.

Retail investors investing up to ₹2 lakhs qualify for reserved allocation under the retail category, which typically receives 35% of the total issue size.

Small High Net Worth Individuals (sHNI)

Small HNIs can apply for a minimum of 14 lots and a maximum of 66 lots.

Small HNI category is designed for investors willing to invest between ₹2 lakhs and ₹10 lakhs.

Big High Net Worth Individuals (bHNI)

Big HNIs must apply for a minimum of 67 lots, with no upper limit.

The bHNI category is for investors willing to invest ₹10 lakhs or more in the IPO.

Application Strategies

Retail Investors: Consider applying for the maximum 13 lots (₹1,94,688) to maximize allotment chances in case of oversubscription.

UPI Limit Consideration: Retail investors using UPI should ensure their bank supports the application amount, as some banks have daily UPI transaction limits.

Multiple Applications: Investors can apply through multiple demat accounts (self, spouse, minor children) to increase overall allotment probability.

Share Reservation and Allocation Policy

Category-Wise Reservation

The KSH International IPO follows SEBI’s standard allocation framework for mainboard IPOs:

Understanding Each Category

Qualified Institutional Buyers (QIB): This category includes domestic and foreign institutional investors such as mutual funds, insurance companies, banks, pension funds, and foreign portfolio investors. The QIB portion further has a 5% reservation for mutual funds.

Retail Individual Investors (RII): Individual investors applying for shares worth up to ₹2 lakhs fall under this category. Retail allocation follows a proportionate basis if the category is oversubscribed.

Non-Institutional Investors (NII): This includes high net worth individuals and corporate investors applying for more than ₹2 lakhs but not qualifying as QIBs. The NII category is further divided into sHNI and bHNI.

Allotment Mechanism

If Undersubscribed: Investors receive full allotment as per their application.

If Oversubscribed:

• Retail: Proportionate allotment or lottery system
• NII: Proportionate allotment basis
• QIB: Proportionate allotment with mutual fund sub-category preference

Company Overview – KSH International Limited

Corporate Background and Legacy

Incorporated in 1979, KSH International Limited has built a 45-year legacy in the specialized electrical components manufacturing sector. The company operates under the well-recognized ‘KSH’ brand, which has become synonymous with quality and reliability in the magnet winding wire segment.

Registered Office: Maharashtra, India

Industry Sector: Electrical Equipment & Components Manufacturing

Business Segment: Magnet Winding Wires and Related Products

Market Position and Industry Standing

KSH International holds a distinguished position in India’s electrical manufacturing landscape:

• Third-largest manufacturer of magnet winding wires in India
• Largest exporter of magnet winding wires from India
• Approved supplier to major PSUs including PGCIL, NTPC, NPCIL, and RDSO
• Global presence across 24 countries including USA, Germany, UAE, and Japan

Manufacturing Infrastructure

The company operates a robust manufacturing ecosystem with strategically located facilities:

Existing Operational Units:

1. Taloja Facility, Maharashtra: Primary manufacturing unit with advanced production lines
2. Chakan Facility, Maharashtra: Secondary manufacturing unit focusing on specialized products
3. Total Current Capacity: 29,045 MT per annum

Under Development:

4. Supa Facility, Ahilyanagar, Maharashtra: Fourth manufacturing plant expected to commence operations in Fiscal Year 2026, significantly expanding production capacity

End-Use Industries Served

KSH International’s products cater to diverse industrial applications:

• Power Generation: Transformers, generators, and distribution equipment
• Renewable Energy: Wind turbines and solar power systems
• Railways: Locomotive motors and traction equipment
• Automotive: Electric vehicle motors and hybrid systems
• Industrial Manufacturing: Industrial motors and heavy machinery

Workforce Strength

As of June 30, 2025, the company employs 157 full-time employees, including specialized engineers, technicians, quality control experts, and management professionals.

Quality Certifications and Accreditations

KSH International maintains international quality standards through multiple certifications:

• ISO 9001: Quality Management Systems
• ISO 14001: Environmental Management Systems
• ISO 45001: Occupational Health and Safety Management
• IATF 16949: Automotive Quality Management System

These certifications demonstrate the company’s commitment to maintaining world-class manufacturing standards and continuous improvement practices.

Awards and Recognition

The company has received numerous awards from prestigious clients:

• Toshiba T&D Systems India: Excellence in quality and timely delivery
• GE Power Grid Solutions: Preferred supplier award
• BHEL: Quality and performance recognition

Product Portfolio – Comprehensive Range

Core Product Categories

KSH International manufactures a comprehensive range of magnet winding wires used in electrical equipment manufacturing:

1. Round Enamelled Copper/Aluminium Magnet Winding Wires

These are the most widely used winding wires in the electrical industry. The enamelling process involves coating copper or aluminium conductors with insulating enamel layers, providing excellent electrical insulation and thermal resistance. Applications include transformers, motors, generators, and various electromagnetic devices.

2. Paper Insulated Rectangular Copper/Aluminium Magnet Winding Wires

Rectangular winding wires with paper insulation are preferred for high-voltage applications where superior insulation strength is required. These products find extensive use in power transformers, distribution transformers, and high-capacity electrical equipment.

3. Continuously Transposed Conductors (CTC)

CTC represents a specialized product where multiple insulated conductors are continuously transposed during manufacturing. This technology reduces eddy current losses in transformer windings, improving overall efficiency. CTCs are crucial for large power transformers used in transmission and distribution networks.

4. Rectangular Enamelled Copper/Aluminum Magnet Winding Wires

These products combine the space efficiency of rectangular conductors with the convenience of enamel insulation. They are particularly useful in applications requiring high conductor packing density, such as compact motors and specialized transformers.

5. Bunched Paper Insulated Copper Magnet Winding Wires

Bunched conductors consist of multiple insulated strands bundled together, offering flexibility and reduced skin effect in AC applications. Paper insulation provides excellent dielectric strength for medium and high-voltage applications.

Technical Specifications and Standards

All KSH International products comply with:

• IS (Indian Standards) specifications
• IEC (International Electrotechnical Commission) standards
• Customer-specific technical requirements
• International quality benchmarks

Research and Development Capabilities

The company maintains an in-house R&D and engineering team focused on:

• New product development aligned with industry trends
• Process optimization and efficiency improvements
• Cost reduction initiatives without compromising quality
• Material innovation and alternative conductor technologies

Financial Performance Analysis (Consolidated Financials)

Revenue and Profitability Trends

KSH International has demonstrated robust financial performance with consistent growth across key parameters.

FY 2024-25 vs FY 2023-24: Growth Analysis

Revenue Growth: Total income increased from ₹1,390.50 crores in FY24 to ₹1,938.19 crores in FY25, representing a 39.38% year-on-year growth. This substantial revenue expansion reflects strong demand across end-use industries and successful market penetration strategies.

Profitability Improvement: Profit After Tax surged from ₹37.35 crores in FY24 to ₹67.99 crores in FY25, marking an impressive 82.00% YoY growth. This profitability jump significantly outpaced revenue growth, indicating improved operational efficiency and better margin management.

EBITDA Performance: EBITDA expanded from ₹71.46 crores to ₹122.53 crores, reflecting a 71.47% increase. The EBITDA growth demonstrates enhanced operational leverage and better absorption of fixed costs.

Asset Base Expansion: Total assets grew from ₹482.71 crores to ₹744.91 crores, a 54.33% increase, reflecting capacity expansion, working capital requirements, and business growth.

Net Worth Strengthening: Net worth increased from ₹230.95 crores to ₹298.55 crores, representing 29.26% growth, strengthening the company’s equity base and financial stability.

Quarterly Performance (Q1 FY26)

The June 2025 quarter shows annualized revenue run-rate of approximately ₹2,250 crores, suggesting continued momentum in business operations. The quarterly PAT of ₹22.68 crores indicates sustained profitability trends.

Key Financial Ratios (As of March 31, 2025)

Profitability Ratios

ROE Analysis: The ROE of 22.77% is notably strong, indicating efficient conversion of shareholder capital into profits. This ratio is well above industry averages and demonstrates management’s effectiveness in generating returns.

Margin Analysis: While EBITDA margin stands at 6.35%, the PAT margin of 22.77% (likely calculated differently) shows the company’s ability to convert operations into bottom-line profits after accounting for all expenses.

Efficiency Ratios

ROCE of 16.60% indicates that the company generates ₹16.60 for every ₹100 of capital employed, demonstrating effective deployment of both equity and debt capital.

Leverage Ratios

The debt-to-equity ratio of 1.17 indicates the company has ₹1.17 of debt for every ₹1 of equity. While this represents moderate leverage, the strong ROCE and ROE suggest the company effectively uses borrowed capital for growth.

Valuation Metrics and Pricing Analysis

Earnings Per Share (EPS)

Pre-IPO EPS Calculation: Based on pre-issue shareholding of 5.68 crore shares and FY25 earnings of ₹67.99 crores.

Post-IPO EPS Calculation: Based on post-issue shareholding of 6.78 crore shares and annualized Q1 FY26 earnings.

The EPS is expected to increase post-IPO, which is positive for investors as it indicates that the dilution from fresh shares is more than compensated by improved profitability.

Price-to-Earnings (P/E) Ratio

At the upper price band of ₹384, the stock trades at:

• Pre-IPO P/E of 32.09x (based on FY25 earnings)
• Post-IPO P/E of 28.68x (based on annualized Q1 FY26 earnings)

Valuation Assessment: The P/E ratio appears moderate for a growth-oriented electrical components manufacturer with 39% revenue growth and 82% profit growth. Investors should compare these multiples with industry peers for better context.

Price-to-Book Value (P/BV)

P/BV Ratio: 7.31x

The price-to-book ratio of 7.31x indicates the market is valuing the company at approximately 7.3 times its book value, reflecting growth expectations, intangible assets like brand value, and market position.

Peer Comparison Recommendation

For comprehensive valuation analysis, investors should compare KSH International’s metrics with listed peers in the electrical components and winding wire manufacturing segments to assess relative valuations.

Use of IPO Proceeds – Fund Deployment Strategy

Objects of the Issue

The net proceeds from the fresh issue of ₹420 crores will be utilized for the following purposes:

Detailed Analysis of Fund Utilization

1. Debt Repayment (₹225.98 Crores)

The largest allocation toward debt repayment demonstrates management’s focus on deleveraging and improving financial flexibility. This strategic move will:

• Reduce interest burden: Lower debt levels will decrease interest expenses, directly improving profitability
• Improve debt-equity ratio: Current debt-to-equity of 1.17 will improve significantly
• Enhance credit profile: Better leverage ratios will improve credit ratings and reduce future borrowing costs
• Increase financial flexibility: Reduced debt obligations provide greater operational flexibility

Borrowings to be Repaid: The company will prepay certain term loans and working capital facilities, reducing the financial leverage from current levels.

2. Machinery Purchase and Setup (₹87.02 Crores)

This capital expenditure will be deployed across two manufacturing facilities to:

• Enhance production capacity: New machinery will increase output volumes
• Improve product mix: Advanced equipment enables manufacturing of specialized high-margin products
• Boost operational efficiency: Modern machinery reduces waste and improves productivity
• Technology upgradation: Latest equipment incorporates automation and quality control features

The investment supports the company’s growth strategy and positions it to capture increasing market demand.

3. Rooftop Solar Power Plant (₹8.83 Crores)

Investment in renewable energy infrastructure at the Supa facility reflects:

• Cost reduction: Solar power generation reduces electricity costs, a significant manufacturing expense
• Sustainability commitment: Aligns with ESG (Environmental, Social, Governance) principles
• Energy security: Reduces dependence on grid power and mitigates power supply disruptions
• Long-term savings: Solar installations provide power cost advantages over 20-25 year operational life

This green energy initiative will improve margins while demonstrating environmental responsibility.

4. General Corporate Purposes

The balance funds provide flexibility for:

• Working capital requirements
• Brand building and marketing initiatives
• Technology investments
• Strategic opportunities
• Organizational development

Promoter Holding and Management

Pre-IPO Promoter Holding

Current Promoter Shareholding: 98.40%

The promoter group holds nearly the entire shareholding pre-IPO, indicating strong promoter commitment and confidence in the business. The Offer for Sale will reduce promoter holding while improving public float.

Promoter Group Details

The company is promoted by the Hegde family and associated entities:

Individual Promoters:

• Mr. Kushal Subbayya Hegde
• Mrs. Pushpa Kushal Hegde
• Mr. Rajesh Kushal Hegde
• Mr. Rohit Kushal Hegde
• Mrs. Rakhi Girija Shetty

Promoter Group Entities (Family Trusts):

• Dhaulagiri Family Trust
• Everest Family Trust
• Makalu Family Trust
• Broad Family Trust
• Annapurna Family Trust
• Kanchenjunga Family Trust
• Waterloo Industrial Park VI Private Limited

The family trust structure indicates long-term wealth planning and intergenerational business succession planning.

Management Expertise

The promoters bring over four decades of experience in electrical manufacturing, with deep industry relationships and technical expertise. Their continued significant holding post-IPO (though exact post-IPO percentage not disclosed) demonstrates alignment with minority shareholders.

Competitive Strengths and Strategic Advantages

1. Leading Market Position

KSH International holds a distinguished position as the third-largest manufacturer and largest exporter of magnet winding wires in India. This market leadership provides:

• Economies of scale: Cost advantages through volume production
• Brand recognition: The ‘KSH’ brand is well-established among OEMs
• Pricing power: Market position enables better pricing negotiations
• Customer confidence: Large customers prefer established, reliable suppliers

2. Comprehensive Product Portfolio

The company offers a complete suite of magnet winding wire products, serving diverse applications across multiple industries. This product diversity provides:

• Revenue stability: Multiple product lines reduce dependence on single products
• Cross-selling opportunities: Comprehensive portfolio enables one-stop solutions for customers
• Market coverage: Different products cater to various industry segments
• Innovation platform: Broad product base supports new product development

3. Strategic Manufacturing Infrastructure

Three operational facilities strategically located in Maharashtra, with a fourth under development, provide:

• Geographic advantage: Proximity to major industrial clusters and ports
• Capacity flexibility: Multiple plants enable production optimization
• Risk mitigation: Diversified manufacturing locations reduce operational risks
• Scalability: Expansion-ready infrastructure supports future growth

The upcoming Supa facility will significantly enhance capacity and position the company to meet growing demand.

4. Strong Customer Relationships

Long-standing relationships with prestigious domestic and international customers including PSUs (PGCIL, NTPC, NPCIL, RDSO) and private sector giants (Toshiba, GE, BHEL) provide:

• Revenue visibility: Long-term relationships ensure consistent order flow
• Payment security: PSUs and large corporates offer payment reliability
• Reference value: Major customer base attracts new clients
• Collaboration opportunities: Deep relationships enable joint development initiatives

Export presence across 24 countries demonstrates international competitiveness and global quality standards.

5. High Barrier to Entry Industry

The magnet winding wire manufacturing industry has significant entry barriers:

• Technical certifications: ISO and industry-specific certifications require substantial investment and time
• Customer approvals: PSU and major OEM approvals take years to obtain
• Capital intensity: Manufacturing facilities require significant capital investment
• Technical expertise: Specialized knowledge in metallurgy and insulation technologies
• Quality consistency: Maintaining consistent quality at scale is challenging

These barriers protect KSH International’s market position from new entrants.

6. Experienced Leadership Team

Promoters with 45+ years of industry experience combined with professional management provide:

• Industry insights: Deep understanding of market dynamics and customer needs
• Operational excellence: Proven track record in manufacturing management
• Strategic vision: Ability to identify and capitalize on growth opportunities
• Stakeholder relationships: Strong connections with suppliers, customers, and regulators

IPO Intermediaries and Contact Information

Book Running Lead Managers (BRLM)

1. Nuvama Wealth Management Limited

Nuvama (formerly Edelweiss Financial Services) is a leading financial services firm with extensive experience in managing IPOs across sectors.

Contact Details:

• Website: www.nuvama.com
• Role: Coordinate IPO process, pricing, and institutional placement

2. ICICI Securities Limited

ICICI Securities is one of India’s premier investment banks with a strong track record in capital market transactions.

Contact Details:

• Website: www.icicisecurities.com
• Role: Co-manage IPO and provide distribution network

Both lead managers have successfully handled numerous IPOs and bring credibility to the KSH International public offering.

Registrar to the Issue

MUFG Intime India Private Limited (Formerly Intime Spectrum Registry Limited)

The registrar handles all investor-related activities including application processing, allotment, refunds, and demat credit.

Contact Information:

• Phone: +91-22-4918 6270
• Email: kshinternational.ipo@in.mpms.mufg.com
• Website: https://linkintime.co.in/Initial_Offer/public-issues.html

Investor Services:

• Application status tracking
• Allotment status inquiry
• Refund status check
• Share credit queries
• General IPO-related queries

Investors should contact the registrar for all application and allotment-related queries.

Listing Platforms

Stock Exchanges:

• BSE Limited (Bombay Stock Exchange)
• NSE (National Stock Exchange of India)

The dual listing provides investors with liquidity across both major Indian stock exchanges.

Expert Opinion and Investment Perspective

Growth Drivers Supporting Investment Case

1. Infrastructure and Renewable Energy Boom: India’s massive infrastructure development plans, including power generation, transmission, and renewable energy expansion, create substantial demand for magnet winding wires. Government initiatives like the National Infrastructure Pipeline and renewable energy targets provide long-term growth visibility.

2. Electric Vehicle Revolution: The automotive industry’s transition to electric vehicles creates new demand for specialized magnet winding wires used in EV motors and charging infrastructure. KSH International’s IATF 16949 certification positions it well for automotive sector growth.

3. Manufacturing Sector Expansion: The ‘Make in India’ initiative and Production Linked Incentive (PLI) schemes across sectors drive industrial manufacturing growth, increasing demand for electrical components including magnet winding wires.

4. Export Potential: With presence in 24 countries and the largest exporter tag, KSH International can capitalize on global demand, particularly from developing economies investing in power infrastructure.

5. Capacity Expansion: The upcoming Supa facility will significantly enhance production capacity, enabling the company to capture market share and serve growing demand without capacity constraints.

Risk Factors for Consideration

1. Raw Material Price Volatility: Copper and aluminium constitute major raw materials. Price fluctuations in these commodities can impact margins if not passed through to customers promptly.

2. Competitive Intensity: The industry has several established players. Maintaining market share requires continuous innovation and competitive pricing.

3. Customer Concentration: Significant revenue from PSUs and large OEMs creates customer concentration risk, though this is partially mitigated by the diversified customer base.

4. Debt Levels: Current debt-to-equity of 1.17 represents moderate leverage. However, post-IPO debt reduction will significantly improve this metric.

5. Cyclical Demand: Demand from power, automotive, and industrial sectors can be cyclical, linked to economic conditions and capital investment cycles.

Valuation Comfort

At the upper price band, the post-IPO P/E of 28.68x appears reasonable for a company demonstrating 39% revenue growth and 82% profit growth. The valuation must be assessed relative to peers, but the strong growth trajectory provides justification for the premium.

Investment Recommendation Framework

Long-term Investors: The IPO offers participation in a niche electrical components manufacturer with strong market position, consistent growth, and industry tailwinds. The debt reduction focus and capacity expansion indicate management’s strategic priorities align with shareholder value creation.

Risk-Tolerant Investors: The manufacturing sector exposure, raw material sensitivity, and moderate leverage require investors comfortable with industrial sector dynamics.

Portfolio Diversification: KSH International provides exposure to infrastructure, renewable energy, and electric vehicles through the electrical components pathway, offering diversification benefits.

Grey Market Premium (GMP) Consideration

Investors should check the current Grey Market Premium on platforms like https://ipogmpindia.com to gauge market sentiment and listing expectations. However, GMP should not be the sole investment criteria; fundamental analysis remains paramount.

How to Apply for KSH International IPO

Application Methods

1. Online Application through Stock Broker:

• Login to your trading account
• Navigate to IPO section
• Select KSH International IPO
• Enter bid details (price, quantity)
• Complete UPI authorization

2. ASBA (Application Supported by Blocked Amount):

• Visit your bank’s net banking portal
• Go to IPO/ASBA section
• Select KSH International IPO
• Submit application
• Amount gets blocked in your account

3. UPI-based Application:

• Apply through broker or bank app
• Enter UPI ID during application
• Approve mandate request on UPI app
• Application confirmed upon mandate approval

Application Tips

1. Apply Early: Submit applications on the first or second day to avoid last-minute technical issues.

2. Multiple Applications: Apply through different family members’ demat accounts to increase allotment chances (ensure compliance with regulations).

3. Cut-off Price: Retail investors can select “cut-off” option to bid at whatever price is finalized, ensuring application doesn’t get rejected due to price mismatch.

4. UPI Mandate: Respond promptly to UPI mandate requests. Late responses lead to

application rejection.

5. Verify Details: Double-check demat account number, PAN, and other details before submission.

Frequently Asked Questions (FAQs)

Conclusion

The KSH International IPO presents an opportunity to invest in India’s third-largest manufacturer and largest exporter of magnet winding wires. With strong financial performance showing 39% revenue growth and 82% profit growth in FY25, strategic capacity expansion plans, debt reduction focus, and exposure to high-growth sectors like infrastructure, renewable energy, and electric vehicles, the company demonstrates solid fundamentals.

The issue is reasonably priced with post-IPO P/E of 28.68x, considering the growth trajectory and market position. The planned use of proceeds for debt repayment will strengthen the balance sheet, while investments in machinery and solar power will drive future growth and profitability.

However, investors should consider the moderate debt levels, raw material price sensitivity, and cyclical nature of end-use industries before making investment decisions. Thorough due diligence, peer comparison, and risk assessment aligned with individual investment objectives remain essential.

For the latest updates on subscription status, Grey Market Premium, allotment details, and expert analysis, visit https://ipogmpindia.com – your comprehensive resource for IPO information and investment insights.

Disclaimer: This content is for informational purposes only and should not be considered as investment advice. Investors should conduct their own research, consult with financial advisors, and carefully read the Red Herring Prospectus before making any investment decisions. Past performance does not guarantee future results. Stock market investments are subject to market risks.