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Business Standard
23-06-2025
- Business
- Business Standard
Oswal Pumps share slips 7%, falls below IPO price after lacklustre debut
Oswal Pumps share price today: Shares of Oswal Pumps slipped 7 per cent to ₹580, falling below its issue price ₹614 on the BSE in Monday's intra-day trade. The company, engaged in compressors, pumps & diesel engines business, made a lacklustre debut on Friday, June 20, 2025. Including today's decline, the stock has fallen 11 per cent from its listing day's high of ₹649.15 on the BSE. At 10:09 AM, Oswal Pumps shares erased its entire intra-day losses and traded flat at ₹626 on the BSE. In comparison, the BSE Sensex was down 1 per cent at 81,549 levels. Oswal Pumps IPO details Oswal Pumps raised ₹1,387.34 crore via initial public offering (IPO). The public issue was a combination of fresh issue and Offer-for-Sale (OFS). The company did not receive any proceeds from the OFS. The company, however, intends to utilise the proceeds from the fresh issue for funding certain capital expenditure, investing in its wholly-owned subsidiary, Oswal Solar, through equity, funding the establishment of new manufacturing units in Karnal, Haryana, and for pre-payment/repayment, in part or full, of certain outstanding borrowings availed by the company. Oswal Pumps business outlook The pump industry plays a very pivotal role in sectors such as agriculture, manufacturing and residential. Increasing investments in the renewable energy sector like solar panels and advancements in pump manufacturing technology like smart pumps, pumps developed for specific use cases requiring highly specialised functions are poised to fuel growth for the global pump market in the future. This expansion will be supported by factors such as rapid urbanisation, rising demand in the power sector, and a focus on water recycling and wastewater treatment, among other drivers. Oswal Pumps derives its revenue from a diversified customer base, including institutional customers, government entities, and distributors. In FY22, 58.7 per cent of the revenue was generated from institutional customers, which increased to 75.6 per cent in FY23. However, this contribution declined to 43.4 per cent in FY24 and further to 7.15 per cent for the nine months ended December 31, 2024. The company did not generate any revenue from government entities in FY22 and FY23. However, in FY24, revenue from government entities accounted for 45.6 per cent, rising considerably to 78.51 per cent during the nine-month period ended December 31, 2024. ALSO READ | The company's recent growth has been largely driven by its participation in the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan) scheme, raising concerns over concentration risk and the sustainability of this growth momentum. Additionally, the elongated working capital cycle and cash flow pressures add to the overall risk profile, according to Choice Equity Broking. Oswal Pumps is amongst the largest suppliers of solar pumps under PM Kusum Scheme for FY23 & FY24 and is one of the few companies with vertically integrated turnkey solar pumping system capabilities in India. The company currently has an order book of ₹ 1,100 crore which is ~0.8x of its 9MFY25 annualised revenue with an additional bid pipeline of ~₹ 3,200 crore indicating decent growth visibility. However, an overhang for the business would be its dependence on government projects/policy and delay in cash flow, SBI Securities said in its IPO note. About Oswal Pumps Oswal Pumps manufactures and distributes a diverse range of pumps for domestic, agricultural, and industrial applications. The company has executed orders for 26,270 turnkey solar pumping systems under the PM-KUSUM Scheme for several Indian states. Oswal Pumps operates a manufacturing facility in Karnal, Haryana, and has a growing network of distributors across India. The company exports its products to 17 countries across the Asia-Pacific, Middle East, and North Africa regions.
Mint
17-06-2025
- Business
- Mint
Oswal Pumps IPO Day 3 Live: Issue booked 1.99x so far. Check GMP, key dates, issue details. Should you apply or not?
The initial public offering (IPO) for Oswal Pumps Ltd started on Friday, June 13, and will end today, June 17. The interest in the Oswal Pumps IPO has been quite strong on the second day of bidding on Monday, where the issue was completely subscribed with Non-Institutional Investors (NIIs) and retail investors taking the lead. On Thursday, the company raised ₹ 416.2 crore from anchor investors just a day before opening the share sale to public subscriptions. Among the anchor investors are ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, Aditya Birla Sun Life MF, Quant MF, Societe Generale, Edelweiss Life Insurance, BNP Paribas, the Parisian asset management firm Amundi, and the financial services company Capital Group, as stated in a circular published on the BSE's website. Oswal Pumps IPO price band has been established between ₹ 584 and ₹ 614 per share for a total initial public offering amounting to ₹ 1,387 crore. Investors can submit bids for a minimum of 24 equity shares and in multiples of 24 shares thereafter. The basis of allotment of shares for the Oswal Pumps IPO is expected to be finalised on Wednesday, June 18, with refunds starting on Thursday, June 19, and shares being credited to the demat accounts of allottees on the same day following the refunds. The shares of Oswal Pumps listing date is scheduled on BSE and NSE on Friday, June 20. The firm focuses on producing submersible and monoblock pumps powered by solar energy and connected to the grid, in addition to electric motors, comprising both induction and submersible types, along with solar panels, all sold under the 'Oswal' brand. With more than 22 years of experience in the industry, the company has developed significant knowledge in engineering, product design, manufacturing, and testing. Oswal Pumps IPO subscription status is 5.79 times on day 3, so far. The retail portion was subscribed 2.01 times, and NII portion was booked 16.80 times. Qualified Institutional Buyers (QIBs) portion received 4.10 times bids. The company has received bids for 9,38,73,600 shares against 1,62,12,980 shares on offer, at 12:45 IST, according to data on BSE. The company benefits from the PM Kusum Scheme, any reduction in the funding provided or inability to win bids may adversely impact business. The business is dependent on the performance of the agricultural sector, any adverse changes in the conditions affecting the agricultural sector may adversely impact business. The Company operates through its two manufacturing facilities located at Karnal, Haryana; one for pumps and motors, and the other for solar modules. Oswal Pumps IPO subscription status is 1.99 times on day 3, so far. The retail portion was subscribed 1.24 times, and NII portion was booked 5.97 times. Qualified Institutional Buyers (QIBs) portion received 28% bids. The company has received bids for 3,23,03,640 shares against 1,62,12,980 shares on offer, at 10:09 IST, according to data on BSE. • The company is one of the largest suppliers of solar powered agricultural pumps under the PM Kusum Scheme and is well positioned to capitalise on strong industry tailwinds. • Vertically integrated manufacturing competencies. • Strong engineering and design capabilities. • Comprehensive product portfolio in multiple product specifications. • Strong presence in major agricultural states in India including Haryana and growing presence in other states. • Extensive distribution network catering to a diversified customer base. • Experienced Promoter and senior management team. Oswal Pumps IPO subscription status is 1.61 times on day 2, so far. The retail portion was subscribed 1.12 times, and NII portion was booked 4.50 times. Qualified Institutional Buyers (QIBs) portion received 27% bids. The company has received bids for 2,61,59,928 shares against 1,62,12,980 shares on offer, at 17:00 IST, according to data on BSE. As per Master Capital Services, Oswal Pumps Limited stands out as one of the top and rapidly expanding manufacturers of solar pumps in India, focusing on enhancing operational integration to improve profit margins by (i) bringing certain processes and production of specific pump components in-house; (ii) automating particular manufacturing processes of pumps; and (iii) bolstering technological advancements and upgrading the automation and IT interface of products through targeted acquisitions. The company also aims to boost its production capacity for solar modules and enhance its backward integration capabilities for those modules. Investors interested in long-term opportunities might consider participating in the IPO. As per KR Choksey Securities, the IPO is appealingly valued at 17.1x FY25 EV/EBITDA (based on 9MFY25 annualised figures), indicating robust financial performance relative to competitors. The brokerage anticipates that the Company will thrive due to the demand in the renewable sector, its strong execution capabilities, and swift capacity expansions. The brokerage has issued a "SUBSCRIBE" rating for the initial offering. The initial public offering includes a new issuance of equity shares worth ₹ 890 crore and a sale of up to 8.1 million shares by one of the company's promoters, Vivek Gupta, who currently holds a 25.17 percent stake in the company. From the raised capital, ₹ 89.86 crore will be designated for capital expenditures, ₹ 273 crore will assist the subsidiary Oswal Solar in establishing a new manufacturing facility in Haryana, ₹ 280 crore will be used for debt repayments, and ₹ 31 crore will go toward settling debts at Oswal Solar. The key underwriters managing this offering are IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management. Oswal Pumps IPO GMP today is +56. This indicates Oswal Pumps share price was trading at a premium of ₹ 56 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Oswal Pumps share price is indicated at ₹ 670 apiece, which is 9.12% higher than the IPO price of ₹ 614. In light of the grey market activities over the last 11 sessions, the IPO GMP is showing an upward trend today and is anticipated to have a robust listing. According to experts at the lowest GMP is ₹ 0.00, while the highest reaches ₹ 88.00. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
Mint
11-06-2025
- Business
- Mint
Oswal Pumps IPO to open on Friday; here's what GMP signals ahead of the issue launch
Oswal Pumps GMP ahead of opening: The initial public offering (IPO) of Oswal Pumps, which is set to open for bidding on Friday, June 11, is commanding a healthy grey market premium (GMP) of ₹ 67 as of Wednesday. Based on the IPO's upper price band of ₹ 614 and the current GMP, the estimated listing price of Oswal Pumps stands at ₹ 681 per share—an 11% premium over the issue price. The GMP reflects investors' willingness to pay above the IPO price, indicating positive sentiment ahead of the launch. Investors should note that the GMP is likely to fluctuate throughout the bidding period. The IPO will open for bidding on Friday, June 13, and remain open until Tuesday, June 17. The company aims to raise ₹ 1,387 crore from investors through a combination of a fresh issue of 1.45 crore shares aggregating ₹ 890 crore and an offer for sale (OFS) of 0.81 crore shares aggregating ₹ 497.34 crore. The company plans to use the IPO proceeds as follows: ₹ 89.86 crore will be allocated for capital expenditure, ₹ 273 crore will be invested in its subsidiary Oswal Solar to establish a new manufacturing facility in Haryana, ₹ 280 crore will go towards debt repayment, and ₹ 31 crore will be used to settle debt at Oswal Solar. The mainboard IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. If successfully listed on the exchanges, Oswal Pumps will have to compete with existing listed players including Kirloskar Brothers, Shakti Pumps (India), WPIL, KSB, and Roto Pumps. Tentatively, Oswal Pumps IPO basis of allotment of shares will be finalised on Wednesday, June 18, and the company will initiate refunds on Thursday, June 19, while the shares will be credited to the demat account of allottees on the same day following refund. Oswal Pumps share price is likely to be listed on BSE and NSE on Friday, June 20. The company specialises in the production of solar-powered and grid-connected submersible and monoblock pumps, electric motors such as induction and submersible motors, as well as solar modules, all branded under 'Oswal'. With more than 22 years of experience, it has developed substantial expertise in engineering, product design, manufacturing, and testing. As of December 31, 2024, Oswal Pumps has completed 38,132 turnkey solar pumping system orders under the PM Kusum Scheme in states including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Mint
10-06-2025
- Business
- Mint
Oswal Pumps IPO: Price band set at ₹584-614 per share; check issue details, key dates, more
Oswal Pumps IPO price band: The Oswal Pumps Limited IPO price band has been fixed in the range of ₹ 584 to ₹ 614 per equity share of the face value of Re 1. The Oswal Pumps IPO date of subscription is scheduled for Friday, June 13, and will close on Tuesday, June 17. The allocation to anchor investors for the Oswal Pumps IPO is scheduled to take place on Thursday, June 12. The floor price is 584 times the face value of the equity shares and the cap price is 614 times the face value of the equity shares. Oswal Pumps IPO lot size is 24 equity shares and in multiples of 24 equity shares thereafter. Oswal Pumps IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Tentatively, Oswal Pumps IPO basis of allotment of shares will be finalised on Wednesday, June 18, and the company will initiate refunds on Thursday, June 19, while the shares will be credited to the demat account of allottees on the same day following refund. Oswal Pumps share price is likely to be listed on BSE and NSE on Friday, June 20. The firm focuses on producing solar-powered and grid-connected submersible and monoblock pumps, electric motors including induction and submersible types, as well as solar modules, all marketed under the 'Oswal' brand. With over 22 years in the industry, it has accumulated significant knowledge in engineering, product design, manufacturing, and testing. As of December 31, 2024, Oswal Pumps had fulfilled 38,132 turnkey solar pumping system orders under the PM Kusum Scheme in states such as Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. According to the red herring prospectus (RHP), the company's publicly listed competitors include Kirloskar Brothers Ltd (with a P/E of 41.94), Shakti Pumps (India) Ltd (with a P/E of 66.72), WPIL Ltd (with a P/E of 27.31), KSB Ltd (with a P/E of 66.79), and Roto Pumps Ltd (with a P/E of 42.08). For the nine months ending December 2024, the company disclosed revenues of ₹ 1,065.67 crore and a net profit of ₹ 216.71 crore. As of April 2025, the total outstanding borrowings on a standalone basis were ₹ 308.57 crore. The IPO includes a new issuance of equity shares worth ₹ 890 crore and a sale of up to 8.1 million shares by one of the company's promoters, Vivek Gupta, who currently holds a 25.17 percent stake in the firm. Of the funds raised, ₹ 89.86 crore will be used for capital expenditures, ₹ 273 crore will be invested in the subsidiary Oswal Solar to build a new manufacturing facility in Haryana, ₹ 280 crore will be dedicated to debt repayment, and ₹ 31 crore will go towards settling debt at Oswal Solar. The leading managers for this issue are IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management.
Mint
10-06-2025
- Business
- Mint
Oswal Pumps IPO: Price band set at ₹584-614 per share; check issue details, key dates, more
Oswal Pumps IPO price band: The Oswal Pumps Limited IPO price band has been fixed in the range of ₹ 584 to ₹ 614 per equity share of the face value of Re 1. The Oswal Pumps IPO date of subscription is scheduled for Friday, June 13, and will close on Tuesday, June 17. The allocation to anchor investors for the Oswal Pumps IPO is scheduled to take place on Thursday, June 12. The floor price is 584 times the face value of the equity shares and the cap price is 614 times the face value of the equity shares. Oswal Pumps IPO lot size is 24 equity shares and in multiples of 24 equity shares thereafter. Oswal Pumps IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Tentatively, Oswal Pumps IPO basis of allotment of shares will be finalised on Wednesday, June 18, and the company will initiate refunds on Thursday, June 19, while the shares will be credited to the demat account of allottees on the same day following refund. Oswal Pumps share price is likely to be listed on BSE and NSE on Friday, June 20. The firm focuses on producing solar-powered and grid-connected submersible and monoblock pumps, electric motors including induction and submersible types, as well as solar modules, all marketed under the 'Oswal' brand. With over 22 years in the industry, it has accumulated significant knowledge in engineering, product design, manufacturing, and testing. As of December 31, 2024, Oswal Pumps had fulfilled 38,132 turnkey solar pumping system orders under the PM Kusum Scheme in states such as Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. According to the red herring prospectus (RHP), the company's publicly listed competitors include Kirloskar Brothers Ltd (with a P/E of 41.94), Shakti Pumps (India) Ltd (with a P/E of 66.72), WPIL Ltd (with a P/E of 27.31), KSB Ltd (with a P/E of 66.79), and Roto Pumps Ltd (with a P/E of 42.08). For the nine months ending December 2024, the company disclosed revenues of ₹ 1,065.67 crore and a net profit of ₹ 216.71 crore. As of April 2025, the total outstanding borrowings on a standalone basis were ₹ 308.57 crore. The IPO includes a new issuance of equity shares worth ₹ 890 crore and a sale of up to 8.1 million shares by one of the company's promoters, Vivek Gupta, who currently holds a 25.17 percent stake in the firm. Of the funds raised, ₹ 89.86 crore will be used for capital expenditures, ₹ 273 crore will be invested in the subsidiary Oswal Solar to build a new manufacturing facility in Haryana, ₹ 280 crore will be dedicated to debt repayment, and ₹ 31 crore will go towards settling debt at Oswal Solar. The leading managers for this issue are IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
