Oswal Pumps IPO off to slow start; subscription lags at 6%, GMP dips to 11%

Oswal Pumps IPO subscription status Day 1: The mainline issue was subscribed only 6 per cent as of 11 AM on Day 1, according to NSE data

Oswal Pumps IPO subscription status Day 1: The initial public offering (IPO) of Oswal Pumps opened for subscription today, June 13, 2025. The mainline IPO witnessed a slow start as the issue was subscribed only 6 per cent as of 11 AM on Day 1, according to data from National Stock Exchange (NSE). 

 

The portion booked for retail investors and non-institutional investors (NIIs) was subscribed around 9 per cent each. However, there were no bids from the qualified institutional buyers (QIBs) so far. 

 

Ahead of the IPO, Oswal Pumps raised ₹416.20 crore from anchor investors on Thursday. The company informed exchanges that it allocated 6.77 million equity shares at ₹614 per share to anchor investors. Some of the marquee institutions that participated in the anchor round include Societe Generale, BNP Paribas, ICICI Prudential, Aditya Birla Sun Life, Kotak Mahindra Mutual Fund, Quant Mutual Fund, Motilal Oswal MF, Bandhan Small Cap Fund, Nuvama MF, Sundaram MF, Amundi Funds, 360 One and Edelweiss Life Insurance, among others.

Oswal Pumps IPO grey market premium (GMP)

According to sources tracking unofficial market activities, the unlisted shares of Oswal Pumps were trading at ₹685 per share, commanding a grey market premium (GMP) of 71 or 11.5 per cent over the upper band price of ₹614. However, on Thursday, it was trading at a premium of ₹83 or 13.5 per cent in the grey market. 

Oswal Pumps IPO review

Analysts have recommended subscribing to the issue on a long-term basis. According to analysts at SBI Securities, the company has an order book of ₹1,100, which is 80 per cent of its annualised revenue for the first nine months of fiscal 202425 (FY25). Furthermore, an additional bid pipeline of ₹3,200 crore indicates decent growth visibility. However, its reliance on government projects and policies, as well as delays in cash flow, could be a potential overhand. READ MORE

Oswal Pumps IPO details

Oswal Pumps aims to raise ₹1,387.34 crore through a fresh issue of 14.5 million equity shares and offer for sale (OFS) of 8.1 million shares. Vivek Gupta is the promoter-selling shareholder. The company has set the price band in the range of ₹584-614 per share, and a lot size of 24 shares. A retail investor would require a minimum of ₹14,016 to bid for one lot, taking the upper end of the IPO price into consideration. A retail investor can bid for a maximum of 14 lots or 288 shares, amounting to ₹1,96,224.

 

According to the red herring prospectus (RHP), the three-day window to subscribe to the Oswal Pumps IPO will close on Tuesday, June 17, 2025. The basis of allotment of shares is expected to be finalised on Wednesday, June 18, 2025. Shares of Oswal Pumps will list on National Stock Exchange (NSE) and BSE tentatively on Friday, June 20, 2025. 

 

MUFG Intime India, formerly Link Intime, is the registrar of the issue. IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management are the book-running lead managers.  

 

According to the RHP, from the net fresh issue proceeds, the company plans to use ₹89.86 crore for funding certain capital expenditures, ₹272.75 crore for investment in its wholly-owned subsidiary, Oswal Solar, ₹280 crore will be used for prepayment or repayment, in part or full, of certain outstanding borrowings and ₹31 crore for repayment or prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar. The remaining funds will be used for general corporate purposes. The company will not receive any proceeds from the offer for sale. 

About Oswal Pumps

Incorporated in 2003, Oswal Pumps is a manufacturer and distributor of pumps. The company has a wide product range including solar pumps, submersible pumps, monoblock pumps, pressure pumps, sewage pumps, electric motors, submersible winding wires and cables, and electric panels. It caters to domestic, agricultural and industrial applications. The company operates a manufacturing facility in Karnal, Haryana.