Oswal Pumps’ IPO to Open on June 13th 

Integrated solar pump maker Oswal Pumps is preparing to launch its much-anticipated ₹890 crore Initial Public Offering (IPO) from June 13 to June 17, 2025, as per its latest red herring prospectus filed with SEBI.

The anchor investor window opens on June 12, followed by the basis of allotment on June 18. Refunds and share credit to Demat accounts will be processed on June 19, with the company expected to list on stock exchanges by June 20, 2025.

The public offer consists of two parts:

• Fresh issue of equity shares worth ₹890 crore
• Offer for Sale (OFS) of up to 8.1 million equity shares by promoter Vivek Gupta, who currently holds a 25.17% stake in the company.

Use of IPO Proceeds

Oswal Pumps aims to channel the IPO funds into strategic initiatives that support growth and strengthen its balance sheet. The planned fund allocation is as follows:

• ₹89.86 crore for capital expenditure
• ₹273 crore investment in its subsidiary, Oswal Solar, for building a new manufacturing facility in Haryana
• ₹280 crore towards debt repayment
• ₹31 crore to settle debt in Oswal Solar

Business Snapshot

With more than 22 years of experience in the industry, Oswal Pumps specialises in:

• Solar-powered and grid-connected submersible and monoblock pumps
• A variety of electric motors, including induction and submersible types
• Solar modules, all under its flagship brand, ‘Oswal’

The company has made a significant contribution under the PM Kusum Scheme, having successfully delivered over 38,000 turnkey solar pump system installations across key Indian states, including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

Financial Highlights

Oswal Pumps has shown impressive financial performance in recent years, underlining its rapid growth:

FY24 Revenue: ₹758.57 crore (up from ₹385.04 crore in FY23)

• FY24 Net Profit: ₹97.67 crore (up from ₹34.20 crore in FY23)
• 9M FY25 Revenue (till Dec 2024): ₹1,065.67 crore
• 9M FY25 Net Profit: ₹216.71 crore
• Outstanding borrowings (as of April 2025): ₹308.57 crore

Lead Book Running Managers

The IPO is being managed by a syndicate of top-tier financial institutions:

• IIFL Capital
• Axis Capital
• CLSA India
• JM Financial
• Nuvama Wealth Management

Outlook and Strategic Intent

The IPO comes at a time when Oswal Pumps is scaling its renewable energy play, particularly through Oswal Solar, to capture growing demand in the clean energy and water management space. With a strong foothold in both manufacturing and public-sector projects, the company is positioning itself to become a key player in India’s energy transition roadmap.

Investors will be watching closely as Oswal Pumps eyes expansion, debt reduction, and market leadership through its ₹890 crore issue.

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