Oswal Pumps IPO Day 2 update: Check subscription status, GMP, listing date

Oswal Pumps IPO Day 2 subscription status: The issue was subscribed only 23 per cent as at the end of first day of bidding, according to NSE data

Oswal Pumps IPO Day 2 subscription status: The initial public offering (IPO) of solar pumps manufacturer Oswal Pumps will enter its second day of subscription today. The SME offering, which opened for subscription on Friday, June 13, has received muted response from investors so far. The issue was subscribed only 23 per cent at the end of first day of bidding, according to data from the National Stock Exchange (NSE). 

Oswal Pumps IPO grey market premium (GMP)

The unlisted shares of Oswal Pumps were trading at ₹659 in the grey market, commanding a premium of ₹45 or 7.33 per cent compared to upper price band of ₹614, according to sources tracking unofficial markets. However, on Thursday, June 12, it was trading at a grey market premium of ₹83 or 13.5 per cent in the grey market.

Oswal Pumps IPO details

The three-day subscription window to bid for the Oswal Pump shares will close on Tuesday, June 17. The basis of allotment of shares is expected to be finalised on Wednesday, June 18. Oswal Pumps will make its debut on the exchanges, NSE and BSE, on Friday, June 20.

 

The company has set the price band in the range of ₹584-614 per share and lot size at 24. A retail investor would require a minimum amount of ₹14,736 to bid for one lot or 24 shares at the upper price band.  

 

MUFG Intime India, formerly Link Intime, is the registrar for the issue. IIFL Capital Services, Axis Capital, CLSA India, JM Financial, Nuvama Wealth Management are the book-running lead managers.   ALSO READ | Monolithisch India IPO closes today; subscription rises 7.5x, GMP at 27%

Oswal Pumps IPO Review

Analysts have recommended investors subscribe to the Oswal Pumps IPO on a long-term basis. According to analysts at Anand Rathi Research, the company is well-positioned to capitalise on strong industry tailwinds with Vertically integrated manufacturing competencies. In addition, Oswal Pumps has a strong presence in major agricultural states in India including Haryana and a growing presence in other states along with an extensive distribution network catering to a diversified customer base. 

 

"At the upper price band, the company is valuing at P/E of 24.2x, EV/Ebitda of 22.8x and a market cap of ₹6,998.2 crore post issue of equity shares," the brokerage said. READ MORE

About Oswal Pumps

Incorporated in 2003, Oswal Pumps is a manufacturer and distributor of pumps. The company offers a diverse range of products catering to domestic, agricultural, and industrial applications, including solar pumps, submersible pumps, monoblock pumps, pressure pumps, sewage pumps, electric motors, submersible winding wires & cables, and electric panels.

 

As of August 31, 2024, the company had executed orders for 26,270 turnkey solar pumping systems directly under the PM-Kusum Scheme for several states, including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

 

The company operates a manufacturing facility located in Karnal. It has a growing network of distributors across India, increasing from 473 distributors as of March 31, 2022, to 636 distributors as of March 31, 2024. Oswal Pumps also exports its products to around 17 countries across the Asia-Pacific, Middle East, and North Africa regions.