A major manufacturer of solar-powered and grid-connected pumping systems, Oswal Pumps Ltd (OPL) is set to launch its initial public offering (IPO) on June 13, 2025. The company has fixed a price band between Rs 584 and Rs 614 per share with a face value of Rs 1. The public issue will remain open for subscription until June 17, 2025.
The IPO comprises a fresh issue of shares worth Rs 890 crore and an offer for sale (OFS) of 81 lakh equity shares by existing shareholders.
The total issue size is estimated to be between Rs 1,363 crore (2.26 crore shares) and Rs 1,387 crore (2.33 crore shares).
After the listing, the company’s market capitalisation is expected to range between Rs 6,700 crore and Rs 6,998 crore on the basis of the lower and upper price bands.
Investors can bid for a minimum of 24 shares and in multiples thereafter. Here is an overview of the allocation of shares
- 50 per cent for Qualified Institutional Buyers (QIBs)
- 35 per cent for retail investors
- 15 per cent for Non-Institutional Investors (NIIs)
Should you apply?
Analysts at SBI Securities have recommended subscribing to the issue for a long-term investment horizon, citing that the company is amongst the largest suppliers of solar pumps under the PM Kusum Scheme for FY23 & FY24 and is one of the few companies with vertically integrated turnkey solar pumping system capabilities in India.
“At the upper price band of Rs 614, the IPO is valued at 9MFY25 annualised P/E and EV/EBITDA multiples of 24.2x and 15.1x, respectively, at post-issue capital,” the brokerage said.
SBI Securities also outlined that an overhang for the business would be its dependence on government projects or policy and delay in cash flow.
OPL has order book of Rs 1,100 crore
The brokerage also noted that the company currently has an order book of Rs 1,100 crore, which is approximately 0.8 times its annualised revenue for the first nine months of FY25, along with an additional bid pipeline of Rs 3,200 crore, which indicates strong growth visibility in the near term.
Oswal Pumps IPO: BRLMs and registrar details
The book running lead managers of the IPO are IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management, while MUFG Intime India (Link Intime India) is the official registrar to the issue.
What does Oswal Pumps do?
Oswal Pumps is a solar pump manufacturer with a wide range of products, including solar-powered and grid-connected submersible and monoblock pumps, electric motors, and under the ‘Oswal’ brand. It is also a key supplier under the Government of India’s PM Kusum Scheme, accounting for approximately 38 per cent of all solar-powered agricultural pumps installed in the country as of December 2024.
The company is also among the few in India capable of delivering fully integrated turnkey solar pumping systems, including manufacturing and installation services.
Anurag Dhole is a seasoned journalist and content writer with a passion for delivering timely, accurate, and engaging stories. With over 8 years of experience in digital media, she covers a wide range of topics—from breaking news and politics to business insights and cultural trends. Jane's writing style blends clarity with depth, aiming to inform and inspire readers in a fast-paced media landscape. When she’s not chasing stories, she’s likely reading investigative features or exploring local cafés for her next writing spot.
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
