As of 10:03 am, the issue received bids for 3.23 crore shares against 1.62 crore on offer. Non-institutional investors led the demand, subscribing 5.97 times their quota, while retail investors subscribed 1.24 times and QIBs 28%.
The IPO opened for public subscription on June 13 and will close today, June 17.
The IPO comprises a fresh issue of shares worth Rs 890 crore and an offer for sale of 81 lakh shares by promoter Vivek Gupta. The company raised Rs 416 crore from anchor investors on June 12 by allocating 67.78 lakh shares at Rs 614 apiece to marquee institutions like Societe Generale, Smallcap World Fund, and ICICI Prudential.
Oswal Pumps IPO GMP
The grey market premium has slipped to Rs 55–56 from Rs 60, implying a listing gain of about 9%.
Oswal Pumps IPO price band
The price band for the IPO is set at Rs 584–614 per share. Investors can bid for a minimum of 24 shares and in multiples thereafter.
Valuation and analyst views
At the upper end of the price band, Oswal Pumps is valued at a post-issue P/E of 24.2x and EV/EBITDA of 15.1x, levels seen as reasonable when compared with peers like Shakti Pumps, KSB, and Kirloskar Brothers. Analysts note Oswal’s stronger return ratios, with RoE at 72.6% and RoCE at 56%, as key positives.
SBI Securities has recommended subscribing to the IPO for the long term, citing “strong revenue and profit growth, robust order book (Rs 1,100 crore), and leadership in solar pump installations.” However, the brokerage also flagged risks such as “dependence on government schemes and a high receivables cycle (140–150 days).”
What does Oswal Pumps do?
Founded in 2000, Oswal Pumps manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules. It has grown rapidly under government schemes such as the PM Kusum Yojana, under which it accounted for around 38% of India’s installed solar pumps as of December 2024.
Oswal operates a large single-site pump facility in Karnal, Haryana, with vertically integrated manufacturing capabilities. It also sells through 925 distributors across India and launched its own retail outlets — ‘Oswal Shopee’ — which numbered 248 as of June 2025.
Financials of Oswal Pumps
The company posted strong financials with revenue increasing from Rs 360 crore in FY22 to Rs 759 crore in FY24, while PAT jumped from Rs 17 crore to Rs 98 crore. For the nine months ended December 2024, it reported a revenue of Rs 1,066 crore and net profit of Rs 217 crore, with an EBITDA margin of 30.1% and PAT margin of 20.3%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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