As of 2:33 PM, the IPO had received bids for 48,72,168 shares against the 1,62,12,980 shares on offer. Non-institutional investors led the demand, subscribing to 50% of their allotted quota, followed by retail investors at 34%, while qualified institutional buyers (QIBs) subscribed 8%.
The IPO opened for public subscription on June 13 and will close on 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, ICICI Prudential.
Oswal Pumps IPO GMP
The grey market premium (GMP) for Oswal Pumps is in the range of Rs 64–65. With a cap price of Rs 614, the estimated listing price is around Rs 679, indicating a potential listing gain of about 10%.
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.
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 and valuation
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%.
At the upper band, the post-issue P/E is 24.2x, and EV/EBITDA is 15.1x — reasonable compared to listed peers like Shakti Pumps, KSB and Kirloskar Brothers, especially given Oswal’s superior return ratios (RoE of 72.6% and RoCE of 56%).
Oswal Pumps IPO: Should you subscribe?
SBI Securities recommends subscribing to the IPO for a long-term horizon, citing strong revenue and profit growth, robust order book (Rs 1,100 crore), and leadership in solar pump installations. However, risks include dependence on government schemes and a high receivables cycle (140–150 days).
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
