India-based Oswal Pumps Limited, a Haryana-headquartered manufacturer of solar and electric pump systems, is launching its Initial Public Offering (IPO) on June 13, 2025, with the subscription window open until June 17, 2025. The company aims to raise ₹890 crore to fund capital expansion, manufacturing growth via its subsidiary Oswal Solar, and debt reduction. The price band is set between ₹584 and ₹614 per share.
Oswal Pumps Limited, based in Haryana and known for its extensive product line in solar-powered pumps and electric motors, is set to launch its ₹890 crore Initial Public Offering (IPO) on June 13, 2025. The public issue, closing on June 17, 2025, is intended to support the company’s expansion, debt repayment, and investments through its subsidiary Oswal Solar.
Founded over 22 years ago, Oswal Pumps has grown into a major player in manufacturing submersible and monoblock pumps, solar modules, and electric motors marketed under the ‘Oswal’ brand. The company has a strong footprint in India’s clean energy sector, having fulfilled over 38,000 solar pumping system orders under the PM Kusum Scheme in key agricultural states like Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.
The IPO price band is fixed between ₹584 and ₹614 per equity share (face value of Re 1). The issue includes a fresh issue of equity shares worth ₹890 crore and an offer for sale (OFS) of 8.1 million shares by promoter Vivek Gupta, who currently holds 25.17% stake in the company.
As per the red herring prospectus, ₹89.86 crore of the IPO proceeds will be allocated for capital expenditure, ₹273 crore will be invested in Oswal Solar for setting up a new facility in Haryana, ₹280 crore will go toward repaying company debts, and ₹31 crore will be used to clear Oswal Solar’s existing borrowings.
For the nine months ending December 2024, Oswal Pumps posted ₹1,065.67 crore in revenue and a net profit of ₹216.71 crore. As of April 2025, the company’s total borrowings stood at ₹308.57 crore on a standalone basis.
The IPO’s anchor allocation is scheduled for June 12, 2025, with allotment finalization expected on June 18, 2025, refunds initiated on June 19, and listing on BSE and NSE likely by June 20, 2025.
The lead book-running managers for the issue are IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management.
