The Rs 1,387 crore initial public offering (IPO) of Oswal Pumps—one of India’s fastest-growing solar pump manufacturers—was subscribed 34.41 times by 5:00 pm on the final day of bidding.
Investor demand was led by qualified institutional buyers (QIBs), who subscribed 88.08 times their allotted quota, followed by non-institutional investors at 36.69 times and retail investors at 3.59 times.
Also Read:Oswal Pumps IPO Day 2: Issue booked 1.61 times; HNI, retail portions lead
Oswal Pumps IPO details
Oswal Pumps, a major manufacturer of solar-powered and grid-connected pumping systems, has set the price band for the IPO at Rs 584 to Rs 614 per share. The issue consists of a fresh issue of shares worth Rs 890 crore and an offer for sale (OFS) of 81 lakh equity shares by existing shareholders.
The total issue size is estimated between Rs 1,363 crore and Rs 1,387 crore, depending on final pricing. The company is aiming for a market capitalisation in the range of Rs 6,700 crore to Rs 6,998 crore post listing.
Investors can bid for a minimum of 24 equity shares and in multiples thereafter.
Also Read:Oswal Pumps IPO: Sudden spike in profit raises red flags, says Anil Singhvi
Oswal Pumps IPO: Should you apply? Here’s what analysts say
Brokerages remain bullish on the company’s long-term prospects. SBI Securities has recommended subscribing to the IPO for long-term gains, citing Oswal Pumps’ dominance as a supplier under the government’s PM Kusum Scheme, where it accounted for nearly 38 per cent of all solar-powered agricultural pumps installed in India 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.
That said, the firm also flagged risks including policy dependence and cash flow delays, given the company’s exposure to government-led projects.
Strong order book supports growth outlook
As of now, Oswal Pumps holds an order book of Rs 1,100 crore, around 0.8 times its annualised revenue for the first nine months of FY25. Additionally, the company has a bid pipeline worth Rs 3,200 crore, reinforcing confidence in its growth trajectory.
Oswal Pumps IPO: Lead managers and registrar
The IPO is being managed by IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management. MUFG Intime India (formerly Link Intime India) is acting as the registrar to the issue.
Oswal Pumps: What the company does?
Founded under the ‘Oswal’ brand, the company manufactures solar and grid-connected submersible and monoblock pumps, as well as electric motors. It is one of the very few Indian players offering end-to-end turnkey solar pumping solutions, from manufacturing to installation.
With just hours left before the issue closes, investors looking to tap into India’s solar infrastructure push still have time to bid for a slice of Oswal Pumps’ promising future.
