Oswal Pumps Limited, a leading manufacturer of pumps and solar-powered water solutions, has launched its highly anticipated Initial Public Offering (IPO) in June 2025. Here’s a comprehensive breakdown of the Oswal Pumps IPO, company background, financials, Grey Market Premium and key takeaways for investors.
Oswal Pumps Company Overview
Oswal Pumps Limited, founded in 2003 and based in Karnal, Haryana, is a leading manufacturer of solar powered and submersible water pumps, electric motors, and solar modules. The company is vertically integrated, producing over 1,000 pump models through in house manufacturing facilities. It serves both domestic and international markets, with over 2,000 dealers and exports to more than 20 countries. A key supplier under the PM-KUSUM scheme, Oswal derives over 85% of its revenue from solar-related products. Strong financial growth, high profitability, and a robust distribution network have positioned it as a major player in India’s renewable and agricultural infrastructure sector.
Oswal Pumps IPO Details
Oswal Pumps IPO is a bookbuilding IPO of Rs 1387.34 Crores. The issue is a combination of fresh issue of Rs 890.00 crores and offer for sale of Rs 497.34 crores. Axis Capital Limited, Clsa India Private Limited, IIFL Capital Services Limited,Jm Financial Limited,Nuvama Wealth Management Limited are the book running lead mangers of the Oswal Pumps Limited IPO, MUFG Intime India Private Limited (Link Intime) is the Registrar for the issue.
| Issue Type | Bookbuilding IPO |
| Face Value | Rs 1 per share |
| Issue Price | Rs 584 – Rs 614 per share |
| Lot Size | 24 shares per lot |
| Issue Size | Rs 1387.34 crore |
| Fresh Issue | Rs 890.00 crore |
| Offer for Sale (OFS) | Rs 497.34 crore |
| Listing at | BSE, NSE |
| Market Capitalization | Rs 6998.21 cr |
| Book Running Lead Managers | Axis Capital Limited Clsa India Private Limited IIFL Capital Services Limited Jm Financial Limited Nuvama Wealth Management Limited |
| Registrar | MUFG Intime India Private Limited (Link Intime) |
Oswal Pumps IPO Timeline
Oswal Pumps IPO opens on 13th Jun 2025 and Closes on 17th Jun 2025. Find Oswal Pumps IPO tentative dates below.
| IPO Open Date | 13-Jun-2025 (Friday) |
| IPO Close Date | 17-Jun-2025 (Tuesday) |
| Allotment | 18-Jun-2025 (Wednesday) |
| Initiation of Refunds | 19-Jun-2025 (Thursday) |
| Demat Credit of Shares | 19-Jun-2025 (Thursday) |
| Listing Date | 20-Jun-2025 (Friday) |
| Cut off time for UPI mandate confirmation | 17-Jun-2025 at 5PM |
Oswal Pumps IPO Lot Size
Investors can bid for a minimum of 24 shares and in multiples thereof. The following table shows the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 24 | Rs 14,736 |
| Retail (Maximum) | 13 | 312 | Rs 1,91,568 |
| HNI (Minimum) | 14 | 336 | Rs 2,06,304 |
| HNI (Maximum) | 67 | 1608 | Rs 9,87,312 |
Oswal Pumps IPO Objectives
The proceeds from the Oswal Pumps IPO will be utilised for following purposes:
| Purpose | Amount (in Rs) | Percentage |
|---|---|---|
| Repayment of borrowings | 280.00 Crore | 31.40% |
| New manufacturing unit for subsidiary, Oswal Solar | 272.75 Crore | 30.64% |
| General Corporate Purpose | 216.39 Crore | 24.00% |
| Capital Expenditure | 89.86 Crore | 10.09% |
| Repayment of borrowings of subsidiary, Oswal Solar | 31.00 Crore | 3.48% |
Oswal Pumps IPO Financial Performance
Find Oswal Pumps IPO last 3 years financial details below.
| Financials | 31-Dec-24 (Crores) | 31-Mar-24 (Crores) | 31-Mar-23 (Crores) |
|---|---|---|---|
| REVENUE | 1067.34 | 761.23 | 387.47 |
| ASSETS | 1096.01 | 511.28 | 252.30 |
| NET WORTH | 378.80 | 160.17 | 59.97 |
| TOTAL DEBT | 346.30 | 75.42 | 59.28 |
| PAT | 216.71 | 97.67 | 34.20 |
Oswal Pumps IPO Strengths and Risks
Strengths:
- Market Leadership: Among the largest suppliers of solar-powered pumps under PM-KUSUM.
- Product Range: Comprehensive offerings for domestic, agricultural, and industrial markets.
- Manufacturing Integration: Strong in-house engineering, design, and vertical integration.
- Distribution Network: Expanded from 473 to 925 distributors between March 2022 and December 2024
Risks:
- Government Dependency: Heavy reliance on government schemes (notably PM-KUSUM) for revenue. Any reduction in government funding or contract loss could impact financials.
- Agricultural Exposure: Demand tied to farm income, monsoons, and state incentives. Weakness in these areas could hurt profitability.
- Customer Concentration: Significant sales from a handful of states and top customers. Loss of key markets/customers poses material risk.
Oswal Pumps IPO Grey Market Premium (GMP)
The GMP started strong, peaking at Rs 95, then moderated to Rs 47 by June 16, 2025. As of June 16, the GMP of Oswal Pumps implied a listing gain of 7–9% over the upper price band of Rs 614
Oswal Pumps IPO Review: Apply
Disclaimer: This blog’s content is intended solely for informational and educational purpose only. Before making any investment decisions, it is recommended that investors consult with a certified financial advisor.