Oswal Pumps IPO subscribed 34 times; QIBs bid 88 times the quota

The ₹1,387-crore IPO saw strong interest from institutional and HNI investors, with proceeds earmarked for expansion, subsidiary investment, and debt repayment

The initial public offering (IPO) of Oswal Pumps was subscribed 34.42 times on Tuesday, the concluding day of the issue. Qualified institutional buyers (QIBs) subscribed 88 times, wealthy investors 36.70 times, and retail investors 3.60 times.

 

Oswal Pumps raised ₹416 crore from anchor investors last week ahead of its IPO.

 

The company priced its IPO in the range of ₹584 to ₹614 per share.

 

The ₹1,387-crore IPO comprised a fresh issue of ₹890 crore and an offer for sale of ₹497 crore. 

 

The company plans to utilise the proceeds from the fresh issuance for funding capital expenditure, investment in its wholly owned subsidiary, Oswal Solar, in the form of equity, funding the setting up of new manufacturing units at Karnal, and repayment of its and its subsidiaries’ debts.

 

 

Oswal Pumps manufactures solar-powered and grid-connected submersible and monoblock pumps, as well as electric motors, under the 'Oswal' brand. The company commenced operations in 2003 with the manufacture of low-speed monoblock pumps. Over the years, it expanded operations to manufacture grid-connected high-speed monoblock pumps, grid-connected submersible pumps and electric motors. 

Sunshine Pictures, 2 others get IPO nod

 

Film and television producer-director Vipul Shah-backed Sunshine Pictures, Lumino Industries, and M&B Engineering have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday.

  (With inputs from PTI)