Oswal Pumps' IPO to open on June 13: Sets price band of ₹584-614/share; check all details

Oswal Pumps on Tuesday said it has fixed a price band of ₹584 to ₹614 per share for its ₹1,387-crore initial public offering (IPO).

The initial share sale will open public subscription on June 13 and conclude on June 17, the company said in a statement. The basis of the allotment of shares is likely to be finalised on or before Wednesday, June 18, 2025.

The IPO is a combination of a fresh issue of shares valued at ₹890 crore and an offer-for-sale (OFS) of 81 lakh stocks worth ₹497.34 crore at the upper end of the price band by promoter Vivek Gupta. This aggregates the issue size at ₹1,387.34 crore.

Proceeds from the fresh issue will be used for funding certain capital expenditures of the company; investment in wholly owned subsidiary Oswal Solar in the form of debt or equity; setting up new manufacturing units at Karnal, Haryana; payment of debt; and general corporate purposes.

According to the RHP, the three-day subscription window will tentatively close on Tuesday, June 17, 2025. The anchor investor bid period shall be one working day before the issue opening date, i.e., Thursday, June 12, 2025.

Oswal Pumps commenced operations in 2003 by manufacturing low-speed monoblock pumps, and over the years, it expanded operations to manufacture grid-connected submersible pumps and electric motors.

The company manufactures solar-powered and grid-connected submersible and monoblock pumps and electric motors comprising induction and submersible motors as well as solar modules and sells under the 'Oswal' brand.

Oswal Pumps' revenue from operations increased 97% to ₹758.6 crore in FY24 from ₹385 crore in the preceding year, while profit rose to ₹97.66 crore from ₹34.20 crore.

Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional buyers.

IIFL Securities, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management are the book-running lead managers to the issue.

• The company is among the largest suppliers of solar-powered agricultural pumps under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme.

• Its operations are vertically integrated, encompassing the production of components for pumps and the manufacturing of solar modules for solar-powered pumps.

• Oswal Pumps offers an array of solar-powered and grid-connected submersible and monoblock pumps and electric motors, apart from solar modules under the 'Oswal' brand.

• It has an extensive network of 925 distributors in India, as of December 2024.