Oswal Pumps Limited, founded in 2003, is one of India’s fastest-growing players in the pump and solar equipment manufacturing industry. The company offers a wide range of products including solar pumps, submersible pumps, pressure and sewage pumps, electric motors, electric panels, and wires & cables. Oswal Pumps is distinguished by its fully integrated plant, advanced manufacturing setup, and experienced technical staff.

IPO Details

The Oswal Pumps IPO is a Book Built Issue of ₹1,387.34 crore, comprising:

• Fresh Issue: 144.95 lakh equity shares worth ₹890 crore

• Offer for Sale (OFS): 81 lakh equity shares amounting to ₹497.34 crore

The IPO will open on June 13, 2025, and close on June 17, 2025. The allotment is expected on June 18, and the listing is tentatively set for June 20 on both NSE and BSE.

The price band is ₹584 to ₹614 per share. At the upper price band, the market capitalisation will be ₹6,998.21 crore.

IPO Lot Size & Investment Amounts

• Lot size: 24 shares

• Minimum retail investment: ₹14,736 (1 lot)

• Minimum HNI investment: ₹2,06,304 (14 lots or 336 shares)

IPO Managers & Registrar

• Book Running Lead Managers (BRLMs):

  • IIFL Capital Services

  • Axis Capital

  • CLSA India

  • JM Financial

  • Nuvama Wealth Management

• Registrar: MUFG Intime India Private Limited

GMP (Grey Market Premium)

The GMP for Oswal Pumps IPO stands at ₹50 as of June 9, 2025, indicating a possible listing gain of 8.14% (₹614 issue price to ₹664 expected listing price). GMP reflects unofficial market sentiment and may fluctuate depending on demand and market mood.

Note: Grey Market is an unofficial platform. Trading in GMP is not regulated and should be considered only as indicative.

Oswal Pumps IPO GMP Trend (as of June 9, 2025)

Objectives of the IPO

The net proceeds from the IPO will be used for:

1. ₹898.60 million – Capital expenditure for equipment

2. ₹2,727.58 million – Investment in Oswal Solar to set up a new unit in Karnal

3. ₹2,800.00 million – Repayment of existing borrowings

4. ₹310.00 million – Repayment of loans availed by Oswal Solar

5. General corporate purposes

Financial Performance Summary

Oswal Pumps has demonstrated strong and consistent financial growth over the years:

*Unaudited financials for 9M FY25

This 3-year revenue growth is a significant indicator of increasing market share and operational scalability. The EBITDA margin has also risen sharply, signifying better operational efficiencies.

Key Financial Ratios

The post-issue P/E of 71.66x appears stretched when compared to the industry average of 49x, suggesting the IPO is fully priced or even slightly expensive on conservative valuation grounds.

However, if the annualised EPS of ₹25.24 is considered, then the forward P/E is around 24.32x, which is much more reasonable and attractive for investors seeking growth at scale.

Promoters and Management

Mr. Vivek Gupta, Promoter and Managing Director, has over 18 years of experience in pump manufacturing and heads all operational decisions. Under his leadership, the company has achieved significant growth through backward integration, R&D investments, and expansion into solar energy via its subsidiary Oswal Solar.

Allotment & How to Check Status

• Visit the IPO allotment page on the Registrar’s website (MUFG Intime India)

• Select Oswal Pumps Limited IPO from the dropdown

• Enter PAN, application number, or DP Client ID

• Click submit to view your allotment status

Allotment will be declared on June 18, 2025.

Final Recommendation

The Oswal Pumps IPO comes with a strong growth record, high return ratios (ROCE/ROE >80%), and promising sector tailwinds due to demand in solar, water infrastructure, and electrification.

However, the IPO is valued aggressively on a trailing basis (71.66x P/E), which increases listing risk.

With a GMP of ₹50 showing 8.14% listing premium, this IPO may provide moderate gains upon debut.

Disclaimer

This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

The Upcoming IPOs in this week and coming weeks are Eppeltone Engineers, Aten Papers, Patil Automation, Oswal Pumps, Samay Projects Services, Monolithisch India.

The Current active IPO are Jainik Power Cables, Sacheerome Limited.

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