Oswal Pumps’ ₹1,387 Crore IPO Opens This Week; Grey Market Buzz Signals Potential 11% Listing Premium

Oswal Pumps Ltd Initial Public Offering (IPO) preparing to launch at value ₹1,387.34 crore, scheduled for subscription starting June 13 and concluding on June 17. The offer includes a fresh issue worth ₹890 crore alongside an offer-for-sale (OFS) of ₹497.34 crore. The price band has been set between ₹584 and ₹614 per share.

Market participants are eagerly monitoring the stock ahead of its listing. Although the grey market premium (GMP) is unofficial and not verified by regulatory bodies, it has created notable excitement. Sources from market circles suggest that the shares may trade at a GMP of approximately ₹67, hinting at a potential listing price near ₹681, representing an 11% premium over the upper price band. Investors should remember that GMP is an unregulated indicator and not endorsed by SEBI.

Important Dates to Remember

• Anchor Investor Bidding: June 12
• IPO Subscription Period: June 13 to June 17
• Finalisation of Allotment: June 18
• Refund Processing and Demat Credit: June 19
• Anticipated Listing Date: June 20

Utilisation of IPO Proceeds

Oswal Pumps plans to deploy the funds raised through the IPO toward:

• Funding certain capital expenditure of our Company: ₹893.692 million
• Investment in our wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, for funding the setting up of new manufacturing units at Karnal, Haryana: ₹4,191.633 million
• Pre-payment/repayment, in part or full, of certain outstanding borrowings availed by our Company: ₹2,350.004 million
• Investment in our wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, for repayment/prepayment of borrowings, in full or part, of Oswal Solar: ₹260.005 million
• General corporate purposes

Company Overview: Oswal Pumps

Oswal Pumps is a significant manufacturer in the pump industry, offering:

• Solar-powered and grid-connected submersible and monoblock pumps
• Electric motors, including induction and submersible variants
• Solar modules marketed under the proprietary ‘Oswal’ brand

With over 20 years in the sector, Oswal Pumps has installed more than 38,000 solar pumping systems under the PM-KUSUM scheme across states such as Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

Financial Performance 

The company has exhibited strong financial growth year-over-year:

• Revenue for FY24 stood at ₹7585.71 million, a 97% increase compared to FY23
• Net profit for FY24 reached ₹976.65 million, surging by 185.6% from FY23

As of April 2025, Oswal Pumps’ standalone outstanding borrowings were ₹3085.7 million.

Key Financials (in ₹ million)

Peer Group Comparison

This IPO is set to attract significant market attention, with the company’s robust financial growth and expanding footprint in solar-powered pump solutions underpinning investor interest.

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