Oswal Pumps IPO Sees ‍Strong⁣ Investor Interest on Final Day

⁣ ⁣ Updated June 17, 2025
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Oswal Pumps Ltd.’s‍ initial⁢ public offering (IPO) closes today, June ‍17, amid ⁢considerable ⁣investor enthusiasm. By ‍11 a.m. today,the IPO had been subscribed 2.84⁤ times,⁢ with 46 ⁣million bids received for the 16.2 million shares available, according to ⁢the National Stock ‍Exchange.

The IPO aims to raise between Rs 1,363 crore and Rs 1,387 crore. The company, ⁢a major solar-powered and grid-connected pumping systems manufacturer, set its price ⁢range between Rs 584 and Rs 614 per share. The IPO includes a fresh issue‍ of shares worth Rs 890 crore and an offer for sale ⁣of ⁢8.1 million shares by current stakeholders. Post-listing, Oswal Pumps is targeting a market capitalization between Rs 6,700 crore and Rs⁤ 6,998 crore.

Non-Institutional Investors ⁣(NIIs) showed ⁣the most substantial⁤ interest, subscribing ⁢9.20 times the shares allocated to them, totaling 32.2 million ⁢shares. Retail individual Investors (RIIs) bid for 12.4 million shares against the 8.168 million ⁤reserved, resulting in a 1.52 times subscription. qualified Institutional Buyers (QIBs) showed less interest, bidding for only ⁤1.414 million shares of the 4.543 million on offer, a 0.31 times subscription. No bids were recorded from employees.

SBI Securities suggests subscribing to the Oswal Pumps IPO for long-term gains, highlighting the company’s strong position as a supplier under the PM Kusum Scheme. The brokerage ⁢noted that Oswal Pumps accounted for about 38% of India’s installed solar-powered agricultural pumps as of ‍December 2024.

‍ “At ‍the upper ⁤price band of Rs 614, the IPO is valued at 24.2x P/E and 15.1x EV/EBITDA based on ⁢9MFY25 annualised earnings. Given its⁣ strong positioning and future-ready ⁢vertical⁣ integration, we believe the company offers promising‍ growth,” the‍ brokerage said.
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The brokerage also cautioned about⁤ potential risks, ‍including reliance on government policies and possible cash flow delays due to the company’s involvement ‍in government projects.Oswal Pumps currently has an order book of Rs 1,100 crore, about 0.8 times its annualized revenue for the first nine months‍ of fiscal year 2025. ⁣The company also has a bid pipeline of Rs 3,200 crore.

IIFL Capital Services, Axis capital, CLSA ⁤India, JM Financial, and Nuvama Wealth Management are managing the ⁢IPO. MUFG Intime India is ‍the ‍registrar.

Oswal Pumps manufactures⁣ solar and grid-connected submersible and monoblock pumps and electric motors. The company provides end-to-end turnkey solar pumping solutions, ⁣including manufacturing and installation.

What’s next

the final allocation of shares and listing date are expected ‍to be announced in the coming days, as investors await the outcome⁢ of this initial public offering for the ⁣solar ⁣infrastructure company.