The IPO of Oswal Pumps Ltd, a Karnal, Haryana-based pump and solar solutions manufacturer, has reached a 78% subscription rate by the second day of bidding, reflecting moderate interest from investors. The company aims to raise ₹1,387 crore through the issue, backed by strong fundamentals and growth prospects in solar-powered agricultural pumps under India’s PM-KUSUM scheme
The Initial Public Offering (IPO) of Oswal Pumps Ltd, a leading pump and solar solutions manufacturer based in Karnal, Haryana, has been subscribed 78% so far on the second day of bidding, with retail investors subscribing 73% of their allotted portion and Non-Institutional Investors (NIIs) oversubscribing theirs at 1.63 times. The issue opened on June 13 and is set to close on June 17, 2025.
The company, which specializes in solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules, is offering shares in a price band of ₹584 to ₹614 per equity share. The IPO aims to raise approximately ₹1,387 crore.
As per data available on the BSE, 86,49,744 shares were bid against 1,62,12,980 shares available, as of 10:09 IST on June 14. Investors can apply for a minimum of 24 shares and in multiples thereafter.
Proceeds from the IPO will be used to fund capital expenditure of ₹90 crore, invest ₹273 crore in its wholly owned subsidiary to establish a new manufacturing unit in Karnal, and repay loans worth ₹311 crore.
With two 24×6 manufacturing facilities in Karnal, Oswal Pumps has established a vertically integrated production model and has emerged as a major supplier under the government’s PM-KUSUM scheme for solar-powered irrigation.
The allotment of shares is expected to be finalized by June 18, with refunds initiated on June 19 and listing on both BSE and NSE on June 20, 2025.
The company’s consistent growth, improving financials, and strategic positioning in solar irrigation have drawn interest from investors seeking long-term returns.