Overview of the Oswal Pumps IPO
In mid-June 2025, Oswal Pumps Limited plans to go public on the mainboard. The company intends to raise a substantial amount of money to grow its solar pump business through an offer-for-sale (OFS) and a new issuance of about ₹890 crore.
Oswal Pumps is one of India's fastest-growing integrated solar and water pump manufacturers, which is why this IPO has garnered interest. Its recent excellent revenue growth and strong tailwinds in solar irrigation may make it an appealing option for investors.
Why Investors Are Paying Attention
High Growth Track Record
Since opening for business in 2003, Oswal Pumps has expanded quickly. Industry reports indicate that it is one of India's fastest-growing vertically integrated solar pump producers, with revenues increasing at a roughly 45% CAGR over FY22–24.
Sector Tailwinds
The business uses solar-powered water pumps to provide solutions to rural and agricultural markets. Government initiatives such as the 34.8 GW PM-KUSUM solar irrigation system are driving the need for solar submersible pumps. Oswal stands out due to its "star export house" status and comprehensive capabilities, which include everything from pump design to installation.
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Oswal Pumps IPO Key Details at a Glance
| Parameter | Details |
|---|---|
| Issue Size | Fresh issue ~₹890 crore; Offer-for-Sale ~81 lakh shares |
| Oswal Pumps IPO Price Band | To be announced (face value ₹1 per share) |
| Lot Size | Typically 40–50 shares (exact lot size TBA) |
| Issue Type | 100% book-built public issue on main board |
| Lead Managers | IIFL Capital, Axis Capital, CLSA India, JM Financial, Nuvama Wealth Management |
| Registrar | Link Intime India |
| Exchange Listings | BSE and NSE |
Oswal Pumps IPO Date Schedule
| Event | Date |
|---|---|
| Subscription Opens | June 13, 2025 (Thursday) |
| Subscription Closes | June 17, 2025 (Monday) |
| Basis of Allotment | June 18, 2025 (Tuesday) |
| Refunds Initiated | June 19, 2025 (Wednesday) |
| Listing Date | June 20, 2025 (Thursday) |
IPO Proceeds Utilization
The Draft RHP outlines specific uses for the IPO proceeds:
- Capital Expenditure: Funding new manufacturing units and upgrading existing factories.
- Subsidiary Investment: Funding Oswal Solar to build a solar module manufacturing plant in Karnal (~₹419.2 crore).
- Debt Repayment: Pre-payment of existing borrowings by Oswal Pumps Ltd. and/or Oswal Solar.
- Working Capital: Remaining funds for working capital needs and general corporate purposes.
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Key Promoters and the Management Team
- Chairman and Managing Director Vivek Gupta (promoter family)
- Amulya Gupta, a full-time executive and director (promoter family)
- Director Shivam Gupta (promoter family)
- Corporate promoter Ess Aar Corporate Services Pvt Ltd
- Corporate promoter Shorya Trading Co Pvt Ltd
Prior to the IPO, the promoters held close to 100% of the equity. Their percentage will decrease after the IPO due to dilution from the new offering, but they plan to retain a majority stake.
Oswal Pumps Financial Performance
Revenue and Profit Growth (FY22-FY24)
Analysis of Profitability
- Profit Margins: The PAT margin increased from approximately 8.9% in FY23 to 12.9% in FY24, driven by enhanced cost control and higher volumes.
- Balance Sheet Health: Total borrowing rose from ₹59.3 crore in FY23 to ₹75.4 crore in FY24. This is moderate against a net worth of about ₹160 crore, resulting in a debt-to-equity ratio below 0.5.
Investment Considerations
Advantages
- Robust revenue growth trajectory
- Beneficiary of government solar irrigation programs
- Vertically integrated operations
- Increasing profit margins
- Growing market demand for solar pumps
Risk Elements
- Reliance on government programs
- Competition from established firms
- Seasonal demand in agriculture
- High working capital requirements
Oswal Pumps IPO Grey Market Premium Watch
The grey market premium (GMP) for the IPO is ₹0 as of June 8, 2025. This neutral sentiment is typical before the price band is announced and the subscription opens.
| GMP Parameter | Status (as of June 8, 2025) |
|---|---|
| Grey Market Premium | ₹0 |
| Market Sentiment | Neutral |
| Premium Percentage | 0.00% |
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How to Check IPO Allotment Status
Investors can check their allotment status after the subscription period closes via:
| Method | Details |
|---|---|
| Official Registrar | Visit the Link Intime India website and use your PAN or application number. |
| Stock Exchanges | Check the BSE/NSE websites under the "IPO Allotment Status" section. |
| Broker Platform | Log in to your trading app or broker's website to see the status. |
How to Apply for Oswal Pumps IPO
Step-by-Step Application Process
- Prerequisites: Ensure you have an active Demat account and net-banking or a UPI ID.
- Platform Access: Log into your bank's IPO portal or your stockbroker’s trading app.
- IPO Selection: Choose Oswal Pumps from the list of active IPOs.
- Bid Details: Enter the number of lots and your bid price (within the price band).
- Category Selection: Select your investor category (e.g., Retail Investor).
- Payment Method: Use ASBA or a UPI mandate to block the funds.
- Submission: Review and submit your application.
Application Categories and Limits
| Investor Category | Investment Limit | Allocation |
|---|---|---|
| Retail Individual Investors (RII) | Up to ₹2 lakhs | 35% of issue size |
| High Net Worth Individuals (HNI) | Above ₹2 lakhs | 15% of issue size |
| Qualified Institutional Buyers (QIB) | Large amounts | 50% of issue size |
FAQs: Oswal Pumps IPO
What is the size of the problem?
What is each share's face value?
A share has a face value of ₹1.
What is the price range and lot size?
The price range and IPO lot size have not yet been disclosed.
This information is typically announced a few days before the IPO opening date. The lot size is usually a rounded number, like 40 or 50 shares.
Which exchanges will list the shares?
The shares will be listed on the main boards of both the:
Who are the IPO's lead managers?
The top managers for this IPO are:
- Axis Capital
- CLSA India
- JM Financial
- IIFL Capital
- Nuvama Wealth
What are the key dates for allocation?
Anticipated Allocation Date: June 18, 2025.
You can typically check your allocation status between June 18 and June 19, 2025.
How can I check my allocation status?
You can check the status using your PAN or application number on the following websites:
- Official BSE Website: BSE Allocation Check
- Official NSE Website: NSE Allocation Check
- IPO Registrar (Link Intime): Link Intime IPO Page
Who are Oswal Pumps' promoters?
The company's promoters include:
- Vivek Gupta
- Amulya Gupta
- Shivam Gupta
- Ess Aar Corp Services
- Shorya Trading Co
- Singh Engcon
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