Oswal Pumps IPO Debuts: ₹1,387 Crore Offer Livens Market with 13% GMP Buzz

New Delhi, June 13, 2025 — Oswal Pumps Ltd has launched its ₹1,387.34 crore book-built IPO today, opening for subscription until June 17. The issue comprises ₹890 crore of fresh equity and an Offer for Sale (OFS) of ₹497.34 crore.

Issue Structure and Price

• Fresh issue: 1.45 crore shares raising ₹890 crore
• OFS: 81 lakh shares by promoters, yielding ₹497.34 crore
• Price band: ₹584–₹614 per share
• Lot size: Minimum 24 shares, equating to ₹14,016–₹14,736 depending on issue price

Timeline at a Glance

• Subscription window: June 13–17, 2025
• Allotment finalisation: June 18, 2025
• Refunds & share credit: June 19, 2025
• Tentative listing: June 20, 2025 on BSE and NSE

Anchor and Grey-Market Sentiment

₹416.2 crore was raised from anchor investors at ₹614/share, amounting to 67.78 lakh shares. Participants included ICICI Prudential, Societe Generale, BNP Paribas, Kotak MF, Aditya Birla Sun Life, and others.

With the IPO now open, talk about its Grey Market Premium (GMP) is gaining traction. Although not authorised or confirmed by SEBI, market speculators indicate the shares are trading at an unofficial premium of ₹67 in the grey market.

This unverified premium suggests a possible listing price of around ₹681 per share, which is approximately 11% higher than the IPO’s upper price band.

However, investors should exercise caution. GMPs are speculative and not a reliable indicator for making investment choices.

Proposed Use of IPO Proceeds

Funds raised through this public issue are earmarked for the following purposes:

• Capital expenditure projects
• Repayment of outstanding borrowings
• Investment in subsidiary Oswal Solar
• General corporate expenses

 Business Snapshot

Oswal Pumps, based in Karnal, specializes in solar-powered and electric pump systems, particularly supplying grid-connected and submersible pumps under the PM-KUSUM scheme. FY 24 revenue nearly doubled to ₹759 crore (from ₹385 crore in FY 22), with net profit surging to ₹97.7 crore.

Investor Alert: Prioritise Prospectus Over Grey Market Noise

Although discussions around GMP may tempt quick conclusions, it is important for investors to base their decisions on fundamental analysis and information disclosed in the IPO prospectus. Grey market data is neither regulated nor reliable.

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