Oswal Pumps Limited’s ₹1,387 crore received a subdued response on its opening day, with the issue subscribed just 10 per cent by 11 AM on June 13, 2025. The IPO, priced between ₹584-614 per share, will remain open until June 17, 2025.
The retail individual investor category showed the strongest interest with 14 per cent subscription, while qualified institutional buyers remained largely absent with minimal participation. Non-institutional investors subscribed to 13 per cent of their allocated portion.
Prior to the public offering, Oswal Pumps successfully raised ₹416.20 crore from anchor investors on June 12, 2025, allocating 67.78 lakh equity shares at ₹614 per share. Marquee institutions including Societe Generale, BNP Paribas, Smallcap World Fund Inc, ICICI Prudential, Aditya Birla Sunlife, Kotak Mahindra MF, and Quant MF participated in the anchor round.
The solar pump manufacturer aims to raise ₹890 crore through fresh equity and offer for sale of 81 lakh shares. Oswal Pumps reported strong financial performance with revenue growing at 45 per cent CAGR between fiscal 2022-2024, reaching ₹761 crore in FY24 with net profit of ₹98 crore.
The company operates primarily in the solar pumping systems segment and has executed over 26,000 turnkey solar pumping systems under the PM-KUSUM scheme across multiple states. With manufacturing facilities in Karnal, Haryana, the company serves agricultural, residential, and industrial sectors.
Bajaj Broking recommends subscribing to the IPO for long-term investment, though notes the issue appears aggressively priced at a P/E ratio of 71.65 based on FY24 earnings. The proceeds will fund capacity expansion, debt repayment, and investment in subsidiary Oswal Solar for manufacturing solar modules.
The IPO is managed by IIFL Capital, Axis Capital, CLSA India, JM Financials, and Nuvama Wealth, with listing scheduled for around June 20, 2025.