The ₹1,387.34-crore initial public offering from Oswal Pumps, a vertically integrated solar pump manufacturer, opens today for public subscription. The company has fixed the price band as ₹584-614. The IPO, a mix of fresh issues of ₹890 crore and an offer-for-sale of 81 lakh shares worth ₹497.34 crore by its promoter Vivek Gupta, will close on June 17.
Shares will be listed on the mainboards of the BSE and the NSE.
Investors can bid for a minimum of 24 equity shares. The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer shall be available for allocation to qualified institutional buyers, not less than 15 per cent for non-institutional bidders, and up to 35 per cent for retail investors.
Anchor investors
As part of the IPO, Oswal Pumps has garnered ₹416.20 crore from anchor investors. The company informed the bourses that it allocated 67,78,533 shares at ₹614 a share to anchor investors. Some of the marquee Institutions that participated in the anchor include Societe Generale, BNP Paribas, Smallcap World Fund Inc, ICICI Prudential, Aditya Birla Sunlife, Kotak Mahindra MF, Quant MF, Amundi Funds, 360 One, Motilal Oswal MF, Bandhan Small Cap Fund, Edelweiss MF, Troo Capital, Nuvama MF, Sundaram MF, Edelweiss Life Insurance, Mahindra Manulife, etc.
Capex plans
According to its DRHP, proceeds from its fresh issuance, to the extent of ₹89.86 crore will be utilised for funding capital expenditure; ₹272.76 crore for investment in its wholly-owned subsidiary, Oswal Solar, in the form of equity, for funding new manufacturing units at Karnal, Haryana; ₹280 crore for pre-payment/re-payment, in part or full, of outstanding borrowings availed by the company; and ₹31 crore to meet outstanding borrowings availed by Oswal Solar; and general corporate purposes.
IIFL Capital Services Ltd, Axis Capital, CLSA India Private Ltd, JM Financial Ltd, and Nuvama Wealth Management Ltd are the BRLMs, and MUFG Intime India Private Ltd is the issue’s registrar.
Published on June 13, 2025